You do not deduct all the loan repayments. You can only deduct your student loan interest up to a maximum of $2,500. To claim the deduction, enter your form 1098-E.
To enter your form 1098-E in TurboTax, follow these steps:
- Open your tax return
- Click on Federal in the left panel.
- Click on Deductions & Credits at the top
- Scroll down to the Education section. Click Show more
- Select Start next to Student Loan Interest Paid (Form 1098-E)
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