Are student loan payments tax deductable

[AnthonyC · Accepted solution]

Only the interest portion of the payments is tax deductible, not the entire payment.  You can read more information about the deduction at the link below - 

https://www.irs.gov/taxtopics/tc456.html

You should receive a Form 1098E from your student loan lender detailing your interest paid.  To enter it in TurboTax, follow these steps - 

• Log into your account and click Take Me to My Return
  
• Click on the Federal Taxes tab
  
• Then Deductions and Credits
  
• Scroll down until you see Education (you may have to click Check for More Credits and Show All to get the full list to appear)
  
• Click on the Student Loan Interest Paid (Form 1098E) section
  
• Enter your information