Can I claim student loan payments to a collection agency

[Marketstar · Accepted solution]

Yes, you can deduct  the interest portion of your student loan payments, but not the principal portion.

Any fees associated with the collection process are also not deductible.

To report student loan interest paid in TurboTax:

• Click My Account (Top right of your screen).
• Select Tools.
• In the pop up window, select Topic Search.
• In the search bar, type in 1098-e
• Highlight it and select GO, and follow the prompts.

[Jrubalca]

My wife had 3,900 of student loans in collection which we paid in 2019. Can I use any of that for a tax break ?

[DoninGA]

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@Jrubalca  wrote:

My wife had 3,900 of student loans in collection which we paid in 2019. Can I use any of that for a tax break ?

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Student loan payments are not reported on a tax return.

Student loan interest paid and reported to you on a Form 1098-E are entered on a tax return as an Adjustment to Income.

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