Deducting interest on qualified education loans.
The Tax Adviser › Vol. 39 Nbr. 3, March 2008
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Deducting interest on qualified education loans.
Interest due and paid on a qualified education loan for qualified higher education expenses can be deducted (within limits) from adjusted gross income (AGI) (Sec. 221(a)). The deduction is an above-the-line deduction, so it is available regardless of whether a taxpayer itemizes deductions. Married taxpayers must file a joint return to claim the deduction, and no deduction is allowed to an individual if that individual is claimed as a dependent on another taxpayer's return for the tax year (Secs. 221(e)(2) and (c)). The maximum amount of interest a taxpayer is permitted to deduc...
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