{"id":3083,"date":"2023-11-08T05:34:00","date_gmt":"2023-11-08T05:34:00","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=3083"},"modified":"2023-11-08T09:39:30","modified_gmt":"2023-11-08T09:39:30","slug":"calculator-for-claiming-student-loan-interest-on-taxes","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/calculator-for-claiming-student-loan-interest-on-taxes\/","title":{"rendered":"Student loan interest tax deduction Calculator"},"content":{"rendered":"\n
\"student <\/picture><\/figure>\n\n\n\n

A very common question -” Is student loan interest tax-deductible? ” asked by students or parents who borrow an educational loan. So, this is a quick post with a calculator for calculating the quantum of a tax deduction on a student loan. The good point about student loan interest deduction is that a maximum deduction of $2,500<\/em><\/strong> in student loan interest <\/a>payments can be claimed regardless of whether you itemize your deductions or take the standard deduction. From a tax savings point of view, borrowers filing a tax return in 2020, can deduct the interest they paid on student loans throughout the previous year, saving up to $625 on their taxes.<\/p>\n\n\n\n

\n

Table of Contents<\/p>\n