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Last Updated April 2, 2012
Additional information is now available for use in figuring the student loan interest add-back.
Any required add-back will be the difference between the refigured deduction and the student loan interest deduction as reported on your 2011 federal income tax return, Form 1040, line 33, or Form 1040A, line 18.
Add the difference back on Schedule 1, line 7 (if filing Form IT-40), or on Schedule B, line 5 (if filing the Form IT-40PNR). Indicate the add-back by using code 128.
*The reduced phaseout ranges for the 2012 tax year and beyond are $50,000 to $65,000 ($75,000 to $90,000 for joint returns).