It went to collections , and I am now paying it off but I am wondering if I can reclaim it on my taxes and at least get some of it back.
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Student loan payments are not deductible on a tax return. However, any student loan interest paid is deductible on federal tax return as an adjustment to income.
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Student loan payments are not deductible on a tax return. However, any student loan interest paid is deductible on federal tax return as an adjustment to income.
To enter student loan interest paid -
Or enter student loan interest in the Search box located in the upper right of the program screen. Click on Jump to student loan interest
No. Not only are student loan payment not deductible; late payments to the the school (or their collection agency) are not deductible.
There is one exception. If the payments are for expenses incurred in the same year as the payment, the money can be counted towards an education credit or deduction. For example, if the payments you made in late 2017 were applied to spring 2017 tuition, you can use that.
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