(New York) If you have student loans, you can deduct up to 25 hundred dollars in interest, but there are limits. Neil Frankel, a longtime CPA with his own practice in New York City, says the big one is how much you make.
Frankel says you do not get anything if your income is higher than a certain amount. For single people, it is $75,000; for married people, it is $155,000.
Frankel says it starts to dwindle after that, adding that you get nothing by about 100-thousand and 200-thousand. Other requirements include no one claiming you as a dependent, and your filing status can’t be married filing separately. And you must have a student loan with a qualification. The IRS defines that as a loan you took out solely to pay qualified higher education expenses for you, your spouse, or your dependent when taking out the loan. For example, you can’t claim the deduction on a qualified employer plan.
