
Navigating the complexities of the tax system can be daunting, especially when dealing with student loan debt. However, understanding the IRS student loan interest deduction can significantly reduce your tax burden and provide much-needed financial relief. This guide offers a comprehensive overview of eligibility requirements, calculation methods, necessary documentation, and potential interactions with other tax benefits. We’ll demystify the process, empowering you to confidently claim this valuable deduction. From understanding the adjusted gross income (AGI) limitations to mastering the calculation formula and ensuring proper record-keeping, we’ll cover all aspects of the deduction. We’ll also explore how this deduction interacts with Read More …