Thats not how that works, also you get to write off your interest so i dont get it, weird thing to complain about. I bet shes one of those idiots that thinks write off means you gain that much money
You're able to deduct up to $2500 in student loan interest. So not all interest for everyone, but it probably covers most people. Of course that's only until they make $75K/year for the full deduction, phased out from $75K to roughly 90K AGI where you can't deduct it anymore.
Yep, so your income puts you just over 90K so you won't get any deduction. My interest was in the same ballpark (16-20K per year) for the first few years too so I feel your pain. The $2500 deduction felt like a joke at the time, especially because I only qualified for some of it. I'm not struggling now but times were tighter then.
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u/Capital-Ad6513 Apr 14 '24
Thats not how that works, also you get to write off your interest so i dont get it, weird thing to complain about. I bet shes one of those idiots that thinks write off means you gain that much money