Enrolled Agent Exam [Part 1] 28, Student Loan Interest Deduction

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The student loan interest deduction is an "above-the-line" adjustment, available even if you don't itemize. • The maximum deduction is the lesser of $2,500 or the actual interest paid per return, per year. • The deduction is subject to strict Modified Adjusted Gross Income (MAGI) phase-out rules that are frequently tested. • Only the person legally obligated to repay the loan can claim the deduction, regardless of who actually makes the payment. • A loan only qualifies if it was for an eligible student, enrolled at least half-time, at an eligible educational institution. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep