The Student Loan Interest Deduction

[@MrT6bill]

The BEST tax videos on KZbin!

[@miguelcubero3440]

I can't believe youtube didn't notify me! Always great content

[@TheTaxGeek]

KZbin can be spotty when it comes to sending notifications, but I'm glad you finally found the video.

[@mrscanino]

Thank you! Very helpful.

[@TheTaxGeek]

You're very welcome

[@erickm2010]

Say you paid ALOT more than $2,500 in interest one year. can you continuously claim the $2,500 in the following years until you reach what you have truly paid in interest? for example if I paid 10k in interest in 2023. Can I claim 2.5k for the next 4 years for the interest I paid in 2023?

[@TheTaxGeek]

No, unfortunately. The interest can only be deducted in the year you pay it.

[@Mariachigod]

Does contributing to a 401k count towards reducing my MAGI for this tax deduction?

[@TheTaxGeek]

Diverting more money to your 401(k) will reduce your Adjusted Gross Income, as will contributing to an IRA.

[@ELconomics101]

Top of the morning coach

[@durgavishnu362]

Can a tax payer able to claim qualifying relatives if they are younger (under the age of 19 to 24)?

[@TheTaxGeek]

Yes, you can, but they cannot be the qualifying child of another taxpayer. My video on claiming dependents kzbin.info/www/bejne/oYnHhH5mga2bp5o helps to clarify this.

[@durgavishnu362]

@@TheTaxGeek thank you, I have one more question, if a TP has taken loan for qualifying children or relative for a student education in a bank can he able to claim deduction for the loan (1098-E) or taxpayer only can able to claim for his own children,spouse and him/herself alone?

[@JoOrtiz09]

This tax deduction is a joke.