Student loan interest deduction limitation applied separately to each spouse

(a) In general Section 221(b)(1) of the Internal Revenue Code of 1986 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 of such Code 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, 2026.