FORM SLI-2026 · STUDENT LOAN INTEREST DEDUCTION REPORTREV. OCT 2026

Student Loan Interest Deduction Calculator (2026)

Estimate the above-the-line student loan interest deduction, including the $2,500 cap and 2026 MAGI phase-out.

Last updated: November 6, 2026

Your 2026 inputs

STUDENT LOAN INTEREST

Filing status

Modified adjusted gross income (MAGI)

MAGI is generally your AGI (Form 1040, line 11b) plus any foreign earned income / housing exclusions (Forms 2555, 4563) or Puerto Rico exclusions. Enter dollars and cents; complete comma groups are accepted (1,234.56). Invalid or empty text stays visible with an error and keeps the last valid amount. Negative amounts become $0; maximum $10,000,000; half-up cents.

Student loan interest paid on qualified education loans

Use interest paid during 2026 on qualified education loans. Your servicer's Form 1098-E and statements are the source records. Enter dollars and cents; complete comma groups are accepted (1,234.56). Invalid or empty text stays visible with an error and keeps the last valid amount. Negative amounts become $0; maximum $10,000,000; half-up cents.

Another taxpayer could claim you (or your spouse if filing jointly) as a dependent for 2026

Check this when the dependency rule applies. A checked box makes the return ineligible.

Phase-out context

$85,000 – $100,000 (Single / HoH / QSS)	Single / HoH / QSS
$175,000 – $205,000 (MFJ)	MFJ
MFS — not eligible	MFS

Context only — thresholds per Rev. Proc. 2025-32 §.29 / IRC §221. Never enters the deduction math.

FORM SLI-2026 · STUDENT LOAN INTEREST DEDUCTION REPORT

Your 2026 deduction estimate

ESTIMATED · NOT ADVICE
ILLUSTRATION · NOT OFFICIAL

Eligible under the modeled rulesAbove-the-line student loan interest adjustment

Tentative deduction (lesser of interest paid and $2,500 cap)	$2,500.00
Phase-out fraction	100.00%
Phase-out band	$85,000.00 – $100,000.00

Student loan interest deduction$2,500.00

Interest paid entered: $2,500.00
MAGI: $60,000.00

This is an above-the-line adjustment — you can claim it whether or not you itemize.

Documentation checklist

Form 1098-E from your servicer.
Keep statements showing interest paid.
A qualified education loan is a legal obligation in your name for qualified education expenses; loans from related persons or employer plans do not qualify.

FAQ

Can I claim this deduction if I do not itemize?

Yes. Student loan interest is an above-the-line adjustment to income. You can claim it whether or not you itemize, subject to the eligibility and MAGI limits shown here.

What counts as qualified student loan interest?

Use interest paid on a qualified education loan that is a legal obligation in your name. Keep the servicer statement and Form 1098-E when one is provided.

Why is my deduction smaller than the interest I paid?

The 2026 deduction is capped at $2,500 and phases out linearly across the MAGI band for your filing status. A dependent or married-filing-separately return is ineligible under this illustration.

Does employer student-loan repayment assistance change this result?

Employer assistance under IRC §127 applies only to qualified education loans made before January 1, 2026 under the modeled rule. Review your employer plan and tax records separately.

Methodology

Deduction. This illustration follows IRC §221 and Rev. Proc. 2025-32 §.29. The 2026 maximum student loan interest deduction is $2,500. It is an above-the-line adjustment and does not depend on whether you itemize.

MAGI phase-out. For Single, Head of household and Qualifying surviving spouse, the modeled phase-out begins at MAGI $85,000 and is complete at $100,000. For Married filing jointly, it begins at $175,000 and is complete at $205,000. The deduction is the tentative amount multiplied by the remaining fraction of that band.

MAGI definition. MAGI is generally AGI (Form 1040, line 11b) plus foreign earned income, housing exclusions and Puerto Rico exclusions, consistent with Publication 970. Married filing separately returns and returns where another taxpayer could claim the taxpayer or spouse as a dependent are ineligible.

Employer assistance. Employer student-loan repayment assistance under IRC §127 applies only to qualified education loans made before January 1, 2026 under this illustration. The treatment of employer assistance and any exclusion from income should be confirmed against the plan and current instructions.

Sources: IRC §221; Rev. Proc. 2025-32 §.29; IRS Publication 970; Form 1098-E instructions. Accessed November 6, 2026.Last updated: November 6, 2026 · 2026 student loan interest deduction illustration