Does excess student loan interest paid carry over to the next year?
I see I'm only allowed to deduct $2,500. I have an excess of $7,500 for 2017. Does it carry over to the next year or is it lost?
011219
1 Replies
xmasbaby0
Level 15
Jun 1, 2019 10:35:42 AM
No, it does not carry over to the next year. In each tax year the limit of how much interest you can deduct for your student loan is $2500. Only the interest is deductible, not the principal paid.