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bb77757
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Do i put my college in the taxes if i havent paid any of my student loans yet? and do i put had a job or job expenses for my w2's?

 
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Anita01
New Member

Do i put my college in the taxes if i havent paid any of my student loans yet? and do i put had a job or job expenses for my w2's?

Yes, it doesn't matter if you paid back any of your student loans or not.  You paid your expenses with the money borrowed on the student loan, and that's considered the same as paying them directly with your own money.  When you pay back the loans, all you can deduct is the interest, not the whole loan amount and that's because you got to claim the expense paid with that loan when you borrowed it.

Yes, you enter your W-2 just as always and, if you have job expenses you could deduct them as job related expenses.  These expenses, though, are only deductible if your total itemized deductions exceed your standard deduction of $6,350 for  Single.  If you don't have a lot of other itemized expenses like mortgage interest and property tax, it would probably not be worth upgrading to Deluxe to enter job related expenses.

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1 Reply
Anita01
New Member

Do i put my college in the taxes if i havent paid any of my student loans yet? and do i put had a job or job expenses for my w2's?

Yes, it doesn't matter if you paid back any of your student loans or not.  You paid your expenses with the money borrowed on the student loan, and that's considered the same as paying them directly with your own money.  When you pay back the loans, all you can deduct is the interest, not the whole loan amount and that's because you got to claim the expense paid with that loan when you borrowed it.

Yes, you enter your W-2 just as always and, if you have job expenses you could deduct them as job related expenses.  These expenses, though, are only deductible if your total itemized deductions exceed your standard deduction of $6,350 for  Single.  If you don't have a lot of other itemized expenses like mortgage interest and property tax, it would probably not be worth upgrading to Deluxe to enter job related expenses.

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