![]() Elementary and Secondary School Teachers Expenses.Student Loan Interest Deduction. For 2021, the $2,500 deduction for interest paid on student loans begins to phase out when modified adjusted gross income (MAGI) hits $70,000 ( $140,000 for taxpayers filing a joint return) and is completely phased out when MAGI hit $85,000 ( $170,000 for taxpayers filing a joint return).Here’s a look at two of the most popular: Īn above-the-line deduction is one that you can claim even if you don’t itemize your deductions. There are no Pease limitations in 2021.Job Expenses and Miscellaneous Deductions subject to 2% floor. Miscellaneous deductions, including unreimbursed employee expenses and tax preparation expenses, which exceed 2% of your AGI have been eliminated. ![]()
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