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.
A taxpayer, spouse or dependent can take the deduction as long as the person is legally responsible for repaying the loan and cannot be claimed as an exemption on anotherâs tax return. Until the loan is paid off, all interest paid during the tax year can be deducted up to the statutory limit.The Student Loan Interest Deduction can be claimed even if the taxpayer does not itemize deductions on a Schedule A form, or in addition to any other itemized deductions.he Tuition and Fees Deduction can reduce the amount of income subject to tax by up to $4,000. It is available to single filers whose MAGI is below $80,000 and married filers whose joint MAGI is below $160,000.