turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can I report my student loan interest payments if I used a tax exempt award to pay my loans this year?

I am the recipient of a "tax exempt" award from the Massachusetts Department of Public Health for working in an underserved community - a lump sum of money which I used (in addition to my monthly payments) to pay down my student loans this year.  Am I allowed to report all the interest I paid and take the 'credit' for it on my taxes?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
MinhT
Expert Alumni

Can I report my student loan interest payments if I used a tax exempt award to pay my loans this year?

Money from the tax-exempt award is your money, even if it was not taxed.

Therefore, you can claim all the student loan interest as a deduction (up to the limit of $2,500).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MinhT
Expert Alumni

Can I report my student loan interest payments if I used a tax exempt award to pay my loans this year?

Money from the tax-exempt award is your money, even if it was not taxed.

Therefore, you can claim all the student loan interest as a deduction (up to the limit of $2,500).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies