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Home 2017 September 14 16 Tax Problems Most Single-Income Families Are Facing

16 Tax Problems Most Single-Income Families Are Facing

Divorced Couples Might Lose Out on Student Loan Interest Deduction

Some of the tax benefits you got as a single-income household while you were married might disappear when you get divorced. For example, you can deduct up to $2,500 in student loan interest as long as your modified adjusted gross income is less than $160,000 if you’re married filing jointly.

However, you lose the right to that deduction if your MAGI is $80,000 or more as a single or head of household filer. So if your MAGI is $100,000, you can claim the deduction while you are married — but you’ll lose it after a divorce.

Sep 14, 2017Claudia Calina
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