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If you paid interest on a student loan for higher education expenses for yourself, your spouse or a dependent, you can claim a federal income tax deduction. This deduction is claimed as an adjustment to income and you do not have to itemize.

Determine whether you qualify for the student loan interest deduction. You must meet the following requirements:

1. Your filing status is any status except married filing separately,

2. No one else is claiming an exemption for you,

3. Your modified adjusted gross income is less than the maximum allowable amount before phase-out ($75,000 in 2009, or $150,000 if you are married filing jointly),

4. You paid interest on a qualified student loan.

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Q: How do you properly report qualified student loan interest paid?
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