8. Student Loan Interest
Are you a dependent’ parent with student loan debt? If yes, we have some good news. You can actually deduct the interest you’ve paid on your child’s loans throughout the entire year. On the flip side, if you’re actually paying off your own student debt, your student loan lender should give you a Form 1098-E used to deduct a certain amount on your tax return.
Why a certain amount? Because $2,500 of interest is the maximum amount, you can deduct each year. Besides, if you have a high-paying job due to your college education, you might not be able to deduct anything. Check IRS’s website for more information regarding this issue.
