Can I claim student loan payoff on my taxes? if so, where?

[xmasbaby0]

No.   Paying off your loan does not get entered on your tax return.   You do not enter anything about paying off the principal.   But you can enter the interest you paid in 2020 for your student loan.

STUDENT LOAN INTEREST

Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest.  If you did not sign or co-sign for the loan you cannot deduct the interest.

You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.

The student loan interest deduction can reduce your taxable income by up to $2500

There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -  

•If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.

•If your filing status is married filing joint, then the phaseout beings at  $130,000 until $160,000, after which the deduction is eliminated entirely.

 Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2020 (Form 1098E)

Look on your 2020 Schedule 1 line 20 to see your student loan interest deduction

[pjh2020]

As part of my student loan payoff there is thousands of accumulated interest from deferments.  Is that interest not tax deductible as I paid the entire loan balance off?

[xmasbaby0]

Only the interest that you actually PAID is deductible.   There is not a deduction for the principal or for interest you did not end up paying.