11 U.S. Code § 523 - Exceptions to discharge | U.S. Code | US Law

26 U.S. Code § 221 – Interest on schooling loans | U.S. Code | US Law

Inflation Adjusted Items for Certain Years

For inflation adjustment of sure objects on this part, see Revenue Procedures listed in a desk below part 1 of this title.

Prior Provisions

A previous part 221 was renumbered part 224 of this title.

Another prior part 221, added Pub. L. 97–34, title I, § 103(a), Aug. 13, 1981, 95 Stat. 187; amended Pub. L. 97–448, title III, § 305(d)(4), Jan. 12, 1983, 96 Stat. 2400, associated to deduction for two-earner married {couples}, previous to repeal by Pub. L. 99–514, title I, § 131(a), Oct. 22, 1986, 100 Stat. 2113, relevant to taxable years starting after Dec. 31, 1986.

Amendments

2021—Subsec. (b)(2)(C)(i). Pub. L. 117–2 inserted “85(c)” earlier than “911”.

2020—Subsec. (b)(2)(C)(i). Pub. L. 116–260 struck out “222,” after “and sections”.

Subsec. (e)(1). Pub. L. 116–136 inserted “, or for which an exclusion is allowable under section 127 to the taxpayer by reason of the payment by the taxpayer’s employer of any indebtedness on a qualified education loan of the taxpayer” after “provision of this chapter”.

2019—Subsec. (e)(1). Pub. L. 116–94 inserted at finish: “The deduction otherwise allowable under subsection (a) (prior to the application of subsection (b)) to the taxpayer for any taxable year shall be reduced (but not below zero) by so much of the distributions treated as a qualified higher education expense under section 529(c)(9) with respect to loans of the taxpayer as would be includible in gross income under section 529(c)(3)(A) for such taxable year but for such treatment.”

2017—Subsec. (b)(2)(C)(i). Pub. L. 115–97, § 13305(b)(1), struck out “199,” after “and sections”.

READ:   Student loan funds are suspended. Here's profit from it

Subsec. (f)(1)(B). Pub. L. 115–97, § 11002(d)(1)(U), substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”.

2014—Subsec. (b)(1). Pub. L. 113–295 substituted “shall not exceed $2,500.” for “shall not exceed the amount determined in accordance with the following table:” and desk of quantities for taxable years 1998 to 2001 and thereafter.

2005—Subsec. (d)(2). Pub. L. 109–135 substituted “the Taxpayer Relief Act of 1997” for “this Act”.

2004—Subsec. (b)(2)(C)(i). Pub. L. 108–357 inserted “199,” earlier than “222”.

Subsec. (d)(4). Pub. L. 108–311, § 207(20), inserted “(determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof)” after “section 152”.

Subsec. (f)(1). Pub. L. 108–311, § 408(b)(5), amended listing language of Pub. L. 107–16, § 412(b)(2). See 2001 Amendment be aware under.

2001—Subsec. (b)(2)(B)(i), (ii). Pub. L. 107–16, § 412(b)(1), amended cls. (i) and (ii) usually. Prior to modification, cls. (i) and (ii) learn as follows:

“(i) the surplus of—

“(I) the taxpayer’s modified adjusted gross revenue for such taxable 12 months, over

“(II) $40,000 ($60,000 within the case of a joint return), bears to

“(ii) $15,000.”

Subsec. (b)(2)(C)(i). Pub. L. 107–16, § 431(c)(2), inserted “222,” earlier than “911”.

Subsec. (d). Pub. L. 107–16, § 412(a)(1), redesignated subsec. (e) as (d), and struck out heading and textual content of former subsec. (d). Text learn as follows: “A deduction shall be allowed under this section only with respect to interest paid on any qualified education loan during the first 60 months (whether or not consecutive) in which interest payments are required. For purposes of this paragraph, any loan and all refinancings of such loan shall be treated as 1 loan. Such 60 months shall be determined in the manner prescribed by the Secretary in the case of multiple loans which are refinanced by, or serviced as, a single loan and in the case of loans incurred before the date of the enactment of this section.”

READ:   What to Know About Federal Student Loans

Subsec. (e). Pub. L. 107–16, § 412(a)(1), redesignated subsec. (f) as (e). Former subsec. (e) redesignated (d).

Subsec. (e)(2)(A). Pub. L. 107–16, § 402(b)(2)(B), inserted “529,” after “135,”.

Subsec. (f). Pub. L. 107–16, § 412(a)(1), redesignated subsec. (g) as (f). Former subsec. (f) redesignated (e).

Subsec. (f)(1). Pub. L. 107–16, § 412(b)(2), as amended by Pub. L. 108–311, § 408(b)(5), substituted “$50,000 and $100,000 amounts” for “$40,000 and $60,000 amounts”.

Subsec. (g). Pub. L. 107–16, § 412(a)(1), redesignated subsec. (g) as (f).

1998—Subsec. (b)(2)(C). Pub. L. 105–277, § 4003(a)(2)(A)(iii), struck out concluding provisions which learn as follows: “For purposes of sections 86, 135, 137, 219, and 469, adjusted gross income shall be determined without regard to the deduction allowed under this section.”

Subsec. (b)(2)(C)(i). Pub. L. 105–277, § 4003(a)(2)(A)(i), struck out “135, 137,” after “sections”.

Subsec. (b)(2)(C)(ii). Pub. L. 105–277, § 4003(a)(2)(A)(ii), inserted “135, 137,” after “sections 86,”.

Subsec. (d). Pub. L. 105–206, § 6004(b)(2), inserted at finish “Such 60 months shall be determined in the manner prescribed by the Secretary in the case of multiple loans which are refinanced by, or serviced as, a single loan and in the case of loans incurred before the date of the enactment of this section.”

Subsec. (e)(1). Pub. L. 105–277, § 4003(a)(3), inserted earlier than interval at finish “or to any person by reason of a loan under any qualified employer plan (as defined in section 72(p)(4)) or under any contract referred to in section 72(p)(5)”.

Pub. L. 105–206, § 6004(b)(1), inserted “by the taxpayer solely” after “incurred” in introductory provisions.

Effective Date of 2001 Amendment

READ:   How to stability student loans with retirement saving

Amendment by part 402(b)(2)(B) of Pub. L. 107–16 relevant to taxable years starting after Dec. 31, 2001, see part 402(h) of Pub. L. 107–16, set out as a be aware below part 72 of this title.

Pub. L. 107–16, title IV, § 412(a)(3), June 7, 2001, 115 Stat. 64, supplied that:

“The amendments made by this subsection [amending this section and section 6050S of this title] shall apply with respect to any loan interest paid after December 31, 2001, in taxable years ending after such date.”

Pub. L. 107–16, title IV, § 412(b)(3), June 7, 2001, 115 Stat. 64, supplied that:

“The amendments made by this subsection [amending this section] shall apply to taxable years ending after December 31, 2001.”

Amendment by part 431(c)(2) of Pub. L. 107–16 relevant to funds made in taxable years starting after Dec. 31, 2001, see part 431(d) of Pub. L. 107–16, set out as a be aware below part 62 of this title.