Student loan interest deduction limitation applied separately to each spouse

(a) In general Section 221(b)(1) is amended to read as follows: (1) In general The interest taken into account with respect to a taxpayer for a taxable year under subsection (a) for indebtedness incurred by an individual shall not exceed $2,500.. (b) Conforming amendments Section 221 is amended— (1) in subsection (b), by striking the heading and inserting Dollar limitations, and (2) by amending subsection (e) to read as follows: (e) Denial of double benefit No deduction shall be allowed under this section for any amount for which a deduction is allowable under any other provision of this chapter.. (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2025.