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Student Loan Interest Deduction for Married Couples

This act aims to simplify student loan interest deductions for married couples. Each spouse will be able to individually deduct up to $2,500 in student loan interest, potentially lowering their combined tax bill. These changes will apply to tax years beginning after December 31, 2022.
Key points
Married couples can now individually deduct student loan interest, potentially increasing their total tax relief.
The maximum student loan interest deduction remains $2,500 per individual.
The act prevents claiming the same interest deduction multiple times on tax forms.
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Additional Information
Student Loan Marriage Penalty Elimination Act of 2023
Print number: HR 5920
Sponsor: Rep. Grothman, Glenn [R-WI-6]
Process start date: 2023-10-25