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rachwelt
New Member

I paid off my student loan this year. Do I need to report it, and will it give me money back on my tax return?

 
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xmasbaby0
Level 15

I paid off my student loan this year. Do I need to report it, and will it give me money back on my tax return?

The only thing that is deductible is the interest you paid for your student loan, not the principal.  You can enter the interest paid in 2017.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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2 Replies
xmasbaby0
Level 15

I paid off my student loan this year. Do I need to report it, and will it give me money back on my tax return?

The only thing that is deductible is the interest you paid for your student loan, not the principal.  You can enter the interest paid in 2017.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
macuser_22
Level 15

I paid off my student loan this year. Do I need to report it, and will it give me money back on my tax return?

You should receive a 1098-E reporting the interest.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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