Can I deduct my student loan interest on my tax return even after I graduated?

Can I deduct my student loan interest on my tax return even after I graduated?

by Colleen S. Krcelich, CPA | Jan 17, 2019

To deduct student loan interest on my tax return, do I have to have been enrolled at least half the time in a qualifying degree program during the year of filing, or is it that I just had to be enrolled for at least half the time when I took out the loan? In other words, can I deduct interest on a qualifying student loan if I graduated in a previous year to the current tax year?

You can still deduct up to $2,500 of student loan interest after you graduate, assuming the loan is in your name (or your spouse). The interest deduction phases out between $65,000 and $80,000 for a single taxpayer, and between $130,000 and $160,000 for a married taxpayer. It is prorated as your income increases within these limits.
For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Colleen S. Krcelich, CPA, is an adjunct professor at Northampton Community College in Bethlehem, Pa. 

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
Financial FAQs

Search the most frequently asked finance and accounting questions and read the responses from PICPA members. Always consult a CPA before taking action.