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posted Jun 1, 2019 4:11:54 AM

Do I get money back on my student loans even if I haven't started making payments yet?

The TurboTax refund estimator asks about tuition and fees. This is where I'm assuming I would put in the amount of student loans I took out for the year. The next questions is how much interest I paid on those loans. I haven't made any payments yet so I entered 0 into this field. In doing this, did I get a truly accurate estimate or was I not supposed to enter loan amounts into the field for how much I paid for school?

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1 Replies
Level 15
Jun 1, 2019 4:11:55 AM

No.  Just having student loans does not get you any kind of credit or deduction.  When you begin making payments on the student loan you get a credit for the interest you pay on the loan.  You cannot get the credit if you are a dependent on anyone else's tax return.