The student loan interest deduction allows students who qualify to deduct up to $2,500 per year for interest paid on loans taken out specifically for education expenses. The amount of interest is reported to you on form 1098-E.
Teachers who purchase supplies for their classroom can deduct up to $300 for out-of-pocket expenses. This amount has increased from $250 in prior years to $300 for 2022 and 2023.
For information about education credits, please see Who can claim an Education Credit?
For more information, please see the IRS website.