I paid interest on my own college loans last year. Can I deduct that interest. It is a government loan paid through ACS.
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I paid interest on my own college loans last year. Can I deduct that interest. It is a government loan paid through ACS.

 
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I paid interest on my own college loans last year. Can I deduct that interest. It is a government loan paid through ACS.

Yes, you can claim student loan interest as a deduction on your tax return.  There are some income limitations that may apply, but TurboTax will do the calculation and let you know if you are limited.

Student loan interest is reported to you on Form 1098-E that would be provided to you by your lender. 

Use these steps to enter the information from your Form 1098-E to claim your student loan interest:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

  • This opens a box where you can type in “1098-E” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

  • The search results will give you an option to “Jump to 1098-E

  • Click on the blue “Jump to 1098-E” link and enter your information


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