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Don’t let high credit card debt get you down. A SoFi Personal Loan could help.

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Better than a balance transfer.

A balance transfer can still leave you with a high-interest rate. Here’s how a SoFi Personal Loan could help you save when paying down credit card debt.

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Example chart shows calculations based on a 7 year SoFi Personal Loan with a fixed rate of 16.32% APR, which is the median funded APR for SoFi Personal Loan borrowers who took out a loan with a 7 year term” from January 1, 2024 – January 1, 2025. Lowest rates are reserved for the most qualified borrowers. The ‘High-Interest Rate Credit-Card’ APR shown is the average credit card APR reported by Wallethub for Q4 2024 under their Good Credit category. The savings estimate also assumes that the borrower doesn’t take out any additional credit card debt during the same period. Both calculations assume 84 total monthly payments, no origination fee option selected and no pre-payment amounts.

They did it. You can too.

SoFi has helped members like these pay off over $33 Billion in debt with a SoFi Personal Loan.²

The savings and experiences of members herein may not be representative of the experiences of all members.
Savings are not guaranteed and will vary based on your unique situation and other factors.

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You now know how to crush high-interest credit card debt. Get started with a SoFi Personal Loan today.

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You’ve probably heard the buzz: A number of new tax breaks — including deductions for tip income, overtime pay, and auto loan interest — could make your federal tax refund unusually big this year, bumping the average up by $675 to over $3,800.

But qualifying for these benefits isn’t a one-size-fits-all deal. The deductions were designed with “phase-outs,” meaning if your income is too high, you won’t get the full benefit and maybe nothing at all. (For example, you can deduct up to $12,000 in tip income, but that number shrinks if you earn more than $150,000.)

The good news? You can influence how your income is calculated. The IRS bases eligibility on your Modified Adjusted Gross Income, or MAGI, and if your MAGI is over the threshold (but not too over), there may be ways you can dial it back — like contributing more to a 401(k), traditional IRA, or Health Savings Account. Then you’re not leaving money on the table and you have more savings tucked away for the future.

Of course, every situation is different and the math can get complicated, but knowing that you have a say in your taxable income can help you determine whether it’s worthwhile to explore these options further with a tax planner or financial adviser. And because the One Big Beautiful Bill Act authorized the tax breaks through 2028, getting a handle on the rules now can help you plan ahead — even if you don’t make any changes before this year’s filing deadline.

Calculating MAGI

MAGI is calculated differently depending on the specific tax break. Generally speaking, it’s your gross income minus certain deductions and tax-exempt income.

For the OBBBA tax benefits, you can calculate your MAGI with the IRS’s new Schedule 1-A form, or to get a ballpark, look at your Adjusted Gross Income, or AGI, on your last tax return.

Phase-Outs for New OBBBA Tax Deductions

The OBBBA added four new tax deductions that can be taken on top of the standard deduction. With each one, your MAGI determines whether you can take the maximum deduction, a partial deduction, or none at all.

Source: IRS, Morningstar, Brinker Simpson

How to Reduce Your MAGI

Contributing to a tax-advantaged savings account is by no means the only way to reduce your taxable income, but it’s one of the most common and straightforward. It’s too late to make 2025 contributions to your 401(k), but there’s still time for your traditional IRA or Health Savings Account.

Bonus tip: MAGI is also used to determine eligibility for Affordable Care Act subsidies, so if you buy marketplace insurance, you may want to explore the same types of strategies.

Source: IRS

So what?

When it comes to taxes, you never want to leave money on the table. So instead of taking a “wait and see” approach to your tax refund, be proactive and strategic about your financial levers. With a little extra legwork and some planning, you may be able to tilt the math in your favor.

Related Reading

Understanding How MAGI Impacts Your Retirement Strategy: A Simple Guide (Institute of Financial Wellness)

Taxes 2025-2026: One Big Beautiful Bill Act Tax Law Changes and How That Impacts You (TurboTax)

Dear SoFi, How Do I Reduce My Tax Burden? (SoFi)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM20260126SW

Get ready for what might be the most pivotal week of the first quarter.

Front and center is the Federal Reserve meeting on Wednesday. The interest rate decision itself isn’t a close call – market pricing indicates only 5% odds of a rate cut – but investors will get an update on the economy and hear from Chair Jerome Powell, who is under criminal investigation over the alleged mismanagement of Fed building renovations. Adding to this backdrop: The Supreme Court appears likely to allow Fed Governor Lisa Cook to remain on the Board, a development that could ease concerns that the central bank is losing its independence.

(Increased uncertainty around the independence of the Fed often manifests itself in the form of higher risk premiums in the Treasury market, and as a result higher mortgage rates.)

And not to be overshadowed, investors will also get this year’s first meaningful update on the trajectory for AI when tech titans including Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), and Tesla (TSLA) report quarterly results. In a market that has been heavily reliant on the theme (though less so of late), these reports are high-stakes and have the potential to either keep the party going, or pop what some say is a market bubble.

Economic and Earnings Calendar

Monday

•  November Chicago Fed National Activity Index: This is a monthly index put together that incorporates 85 indicators from four categories: production and income; employment, unemployment, and hours; personal consumption and housing; and sales, orders, and inventories.

•  November Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.

•  January Dallas Fed Manufacturing Activity: This is the Dallas Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•  Earnings: Alexandria Real Estate Equities (ARE), Brown & Brown (BRO), Nucor (NUE), Steel Dynamics (STLD), W R Berkley (WRB)

Tuesday

•  November FHFA House Price Index: This is a broad measure of single-family house prices released by the Federal Housing Finance Agency.

•  January Richmond Fed Manufacturing Activity: The Richmond Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•  January Richmond Fed Non-Manufacturing Activity: The Richmond Fed’s survey of services executives in the region on business conditions and their outlook.

•  January Conference Board Consumer Confidence: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on job availability and the state of the labor market.

•  January Dallas Fed Non-Manufacturing Activity: This is the Dallas Fed’s survey of services executives in the region on business conditions and their outlook.

•  Earnings: Boeing (BA), Boston Properties (BXP), F5 Networks (FFIV), General Motors (GM), HCA Healthcare (HCA), Invesco (IVZ), Kimberly-Clark (KMB), NextEra Energy (NEE), Northrop Grumman (NOC), PACCAR (PCAR), Packaging of America (PKG), PPG Industries (PPG), Roper Technologies (ROP), Raytheon Technologies (RTX), Seagate Technologies (STX), Synchrony Financial (SYF), Sysco (SYY), Texas Instruments (TXN), UnitedHealth Group (UNH), Union Pacific (UNP), United Parcel Service (UPS)

Wednesday

•  FOMC Interest Rate Decision: The Federal Reserve will announce any changes to monetary policy after the conclusion of its two-day FOMC meeting, in addition to providing commentary on the economy. It’s one of eight regularly scheduled meetings per year.

•  Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•  Earnings: Automatic Data Processing (ADP), Amphenol (APH), CH Robinson Worldwide (CHRW), Danaher (DHR), Elevance Health (ELV), Fair Isaac (FICO), General Dynamics (GD), GE Vernova (GEV), Corning (GLW), International Business Machines (IBM), Lennox International (LII), Lam Research (LRCX), Southwest Airlines (LUV), Las Vegas Sands (LVS), Meta Platforms, Inc. (META), MSCI (MSCI), Microsoft (MSFT), ServiceNow (NOW), NVR (NVR), Otis Worldwide (OTIS), Raymond James Financial (RJF), Starbucks (SBUX), AT&T (T), Tesla (TSLA), Textron (TXT), United Rentals (URI), Waste Management (WM)

Thursday

•  3Q Productivity and Unit Labor Costs: These measures provide a breakdown of how productive workers were per hour of work and at what cost.

•  November Trade Balance: Trade, made up of exports and imports, is an important driver of economic activity.

•  November Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.

•  November Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

•  Earnings: Apple (AAPL), Arthur J Gallagher & Co (AJG), Ameriprise Financial (AMP), A O Smith (AOS), Blackstone Group LP (BX), Caterpillar (CAT), Comcast (CMCSA), Deckers Outdoor (DECK), Dover (DOV), Dow Inc (DOW), Hartford Financial Services Group (HIG), Hologic (HOLX), Honeywell International (HON), International Paper (IP), KLA-Tencor (KLAC), L3Harris Technologies (LHX), Lockheed Martin (LMT), Mastercard (MA), Altria Group (MO), Marsh & McLennan Companies (MRSH), Nasdaq (NDAQ), Norfolk Southern (NSC), Progressive (PGR), Parker-Hannifin (PH), PulteGroup (PHM), Royal Caribbean Cruises (RCL), ResMed (RMD), Sherwin-Williams (SHW), Sandisk Corporation (SNDK), Stryker (SYK), Thermo Fisher Scientific (TMO), Tractor Supply Company (TSCO), Trane Technologies (TT), Visa (V), Valero Energy (VLO), Western Digital (WDC), Weyerhaeuser (WY)

Friday

•  December Producer Price Index: The PPI tracks price trends that producers face and is down significantly from its peak earlier in the cycle.

•  January Chicago Business Barometer: The barometer provides information on U.S. economic activity and business conditions, consisting of seven activity indicators and three buying policy indicators

•  Fedspeak: St. Louis Fed President Alberto Musalem will deliver a speech on the economy and monetary policy.

•  Earnings: Aon Plc (AON), Air Products and Chemicals (APD), American Express (AXP), Franklin Resources (BEN), Church & Dwight (CHD), Charter Communications (CHTR), Colgate-Palmolive (CL), Chevron (CVX), LyondellBasell Industries (LYB), Regeneron Pharmaceuticals (REGN), Verizon (VZ), Exxon Mobil (XOM)

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Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.