Joseph and his wife Matilda earn $182,000 per year between the two of them and file joint income taxes. Will they be allowed to deduct their student loan interest they paid in the past year?

Question

Quizplus · Accepted Answer

For joint filers, the ability to deduct student loan interest phases out between $145,000 and $175,000 of modified adjusted gross income (MAGI). Since Joseph and Matilda earn $182,000, they exceed the phase-out limit and cannot deduct the interest.

Joseph and His Wife Matilda Earn $182,000 Per Year Between