This bill changes how married couples can deduct student loan interest on their taxes, allowing them to do so separately. This could help couples save more money on their tax returns if they both have student loans.
If you are married and have student loans, you could save more on your taxes.
Who this affects
Married couples · Student loan borrowers
What changes is this bill making?
1This bill allows married couples to claim student loan interest deductions separately.
2Each spouse can deduct up to $2,500 of student loan interest from their taxes.
3The changes apply to tax years starting after December 31, 2024.
4The bill aims to eliminate the tax penalty that affects married couples with student loans.
5No double deductions are allowed for the same interest amount.
