April 15th is right around the corner – don’t forget to deduct your student loan interest.
The money you paid towards the principal of your student loan is not tax deductible. But, you might be able to write off up to $2500 of the interest you paid on your loan, if all of the following apply:
- You paid interest on an accredited student loan
- Your filing status is not married filing separately
- Your adjusted income is under $80,000 ($160,000 if filing jointly)
- You are not claimed as dependents by someone else
Watch the video above and share it with your friends who have student loans to help get the word out there!