IQ is a comparison of your test results to the results of people your own age. The average IQ is 100. If you gave 1,000 people a really hard test, your results would look like this: The higher the graph goes, the more people who have achieved that score.
Federal Student Loan Interest Deduction. A deduction is allowed for interest paid by the taxpayer, up to an annual maximum of $2,500, for a qualified education loan for both undergraduate and graduate education, subject to taxpayer income limitations. Any federal tax law changes to this deduction will not be automatically adopted.
Experts say credits are the better deal for taxpayers. Tax credits reduce your tax liability dollar for dollar, Lewis says. That compares to a tax deduction, which reduces your taxable income. You can deduct up to $4,000 on your tax return. This is more valuable for the person in graduate school who is working at the same time but doesn't qualify for the Lifetime Learning Credit because their income is too high, Flores says. To qualify, your income cannot be over $80,000 if single and $160,000 married filing jointly.