Victor is single and graduated from Wabash College in May of 2017. In January of 2018, he begins to repay his student loans. During the year he pays $1,500 of interest on the loans. His adjusted gross income for the year is $65,000. Victor can deduct student loan interest of

Question

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The student loan interest deduction allows taxpayers to deduct up to $2,500 of the interest paid on loans for higher education. Victor paid $1,500 in interest, which is below the maximum allowable deduction, and his income is below the phaseout threshold for single filers, so he can deduct the full amount of $1,500.

Victor Is Single and Graduated from Wabash College in May