Thread: Life Student Load Negotiations
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Old 03-25-2019, 11:57 AM   #32
O.city O.city is offline
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Quote:
Originally Posted by Buehler445 View Post
That didn't sound right, so I looked it up. Its $2500 per return. Phaseouts for MFJ start at 135,000.

So if he's got 90,000 @ 6.5%, that would be in the ballpark of $5,850 yearly, so he'd be limited out.

I have no idea what his effective tax rate is, but if it is 20%, he'd be saving $500 on the student loan interest deduction, so it sure is nice, but it isn't a giant deal one way or the other.

That's a little bit down in the weeds. If you have any questions, shoot. The big deal is that if it is in a retirement fund already, don't distribute it until you know what you're doing.
I was saying Student loan interest. Not sure if I was clear on that. I thought mine was only deductible up to 10k per year on the interest, which when i'm paying what i'm paying that happens quickly.
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