Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
skclark1977
New Member

Can i deduct the payments i made on a student loan after i graduated?

 
1 Best answer

Accepted Solutions
xmasbaby0
Level 15

Can i deduct the payments i made on a student loan after i graduated?

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 fro the Student loan niters 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 2016 (Form 1098E)

https://www.irs.gov/help/ita/can-i-claim-a-deduction-for-student-loan-interest

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

3 Replies
LisaBr
New Member

Can i deduct the payments i made on a student loan after i graduated?

You will get a 1098-E from your lender with the interest specifically in box 1.
xmasbaby0
Level 15

Can i deduct the payments i made on a student loan after i graduated?

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 fro the Student loan niters 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 2016 (Form 1098E)

https://www.irs.gov/help/ita/can-i-claim-a-deduction-for-student-loan-interest

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
ModestaL
New Member

Can i deduct the payments i made on a student loan after i graduated?

When you start repaying a student loan, you cannot claim a deduction for your entire payment; however, you can deduct the portion that covers your interest charges you paid if you qualify (up to $2,500 per tax year). This information should be listed on your 1098-E Student Loan Interest sent from your lender.

For more information about Student Loan Interest Deductionhttps://turbotax.intuit.com/tax-tips/college-and-education/what-is-a-1098-e-student-loan-interest/L8...

Please see FAQ, on where to enter your 1098-E in TurboTax if you qualify: https://ttlc.intuit.com/replies/4801974

Dynamic AdsDynamic Ads
Privacy Settings
v