Yes, you can claim the interest on a student loan if you paid it off. You would not calculate it. Your lending institution will send you IRS Form 1098-E Student Loan Interest with the amount of interest you paid in a calendar year.
You may be able to access the information online if you have access.
Please see the screenshot of IRS Table 19-1 Student Loan Interest Deduction at a Glance below.
To enter your student loan interest, please see the following instructions:
- Type student loan interest in the search or find bar and click search.
- Click on Jump to Student Loan Interest.
- Continue with the onscreen questions.