jrwhitedog wrote:General Tso wrote:what is the tax break for student loan payments? I think you only get a deduction equal to your payments if your gross income is less than 50k or something.
You mean the student loan interests,right? But how about the student loans?
IRS wrote:You may be able to deduct interest you pay on a qualified student loan.You can claim the deduction if all of the following apply:
You paid interest on a qualified student loan in tax year 2009
Your filing status is not married filing separately
Your modified adjusted gross income is less than $70,000 ($145,000 if filing jointly)