The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Student loan interest deduction threshold||Date: 1/25/2005 12:46 PM|
|Author: madmikeyd||Number: 75797 of 121585|
<What's the AGI threshold above which student loan interest isn't deductible?>
$65000, or $130000 if filing jointly. The benefit begins to phase out, however, at $50000/$100000.
<Also, that AGI is figured from gross wages after subtracting the 401(k) contributions, right?>
This is figured through MAGI [Modified Adjusted Gross Income], and 401(k) contributions are subtracted. It becomes AGI only after any student loan interest deduction is included.
For full details on this see IRS publication 970:
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