According to IRS Publication 970, The amount of your student loan interest deduction is phased out (gradually reduced) if your modified adjusted gross income (MAGI) is between $55,000 and $70,000 ($105,000 and $135,000 if you file a joint return). You cannot take a student loan interest deduction if your MAGI is $70,000 or more ($135,000 or more if you file a joint return). Interest deductions are capped at $2,500, all reduction calculations are based on this cap.
Fill in the amount that you paid in Student Loan Interest during this year. Then fill in your Modified Adjusted Gross Income (AKA all the money you made this year with no deductions for anything). Then Click the Calculate button. Clicking the Reset button will clear entered values.
Non-numeric values will cause errors.
