Can I deduct my bootcamp loan interest on my taxes?
An example of an AI chatbot conversation about bootcamp loans and tax deductions.
Can I deduct my bootcamp loan interest on my taxes?
Yes, you may be able to deduct the interest on your bootcamp loan if it qualifies as a student loan.
What qualifies as a student loan for tax deductions?
A student loan must be taken out solely to pay for qualified education expenses at an eligible institution.
Are there any income limits for deducting the interest?
Yes, there are income limits. For 2023, the deduction begins to phase out for modified adjusted gross incomes over $70,000.
How do I claim this deduction on my tax return?
You can claim the deduction by reporting it on your Form 1040, using Schedule 1 to adjust your income.
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