In 2012 Michelle, single, paid $2,500 interest on a qualified student loan.Her MAGI was $70,000.She may deduct the $2,500 of interest as a deduction for AGI.

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In 2012, the student loan interest deduction was phased out for single filers with a MAGI between $60,000 and $75,000. With a MAGI of $70,000, Michelle would not be able to deduct the full $2,500.

In 2012 Michelle, Single, Paid $2,500 Interest on a Qualified