The SECURE Act allows up to $10,000 in tax-free 529 withdrawals for student loan repayment, but the rules have limits and tax traps most borrowers miss. Here’s what you need to know before withdrawing.
Quick Answer: Proposed tax reforms would eliminate the student loan interest deduction, which currently allows borrowers to deduct up to $2,500 annually in qualified student loan interest paid. The deduction phases out at higher income levels and requires specific eligibility criteria to claim.Attorney Jay Fleischman wrote a great piece that needs more exposure. Jay talked …
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