Feb 21, 2010 from
Anonymous
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What is the max wages amount that would reduce the amount of interest to be deducted for student loans.
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If your filing status is single the phase out applies when your Modified Adjusted Gross Income (MAGI) is between $60,000 and $75,000 (i.e. your deduction is completely phased out when MAGI is $75K or more). MAGI is defined by the IRS as "adjusted gross income (AGI) as figured on their federal income tax return before subtracting any deduction for student loan interest". For married filing jointly the phase out is between $120,000 and $150,000.
Hope that helps! Let me know if you need help preparing your return I would love to help you find deductions that would increase your return and help you pay back those student loans:)
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