Do I need to claim my federal student loan money that I received somewhere?

[HelenaC · Accepted solution]

No, you don't claim the student loan money you received and you don't pay taxes on it.

You can't claim the loan itself, but the interest you paid during the year on a qualified student loan used to pay for tuition, fees, room and board, books and supplies for yourself, your spouse, or your dependent is deductible. This includes both required and voluntarily pre-paid interest payments. 

• Student loan interest is reported on Form 1098-E. If you paid $600 or more of interest on a qualified student loan during the year, you'll receive this form from your lender.

Here's how to enter your student loan interest in TurboTax. We'll ask you ask you questions to make sure you qualify, and also calculate how much of a deduction you’re entitled to. For more on qualifications, see below.