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If I paid off my $4,000 in student loans this year, but I am no longer enrolled (graduated, working), does that count as "paid college expenses or tuition"?

 
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Hal_Al
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

If I paid off my $4,000 in student loans this year, but I am no longer enrolled (graduated, working), does that count as "paid college expenses or tuition"?

Q. If I paid off my $4,000 in student loans this year, but I am no longer enrolled (graduated, working), does that count as "paid college expenses or tuition"?

A. No. You "paid college expenses or tuition" when you used the loan money to make  actual payments, back when you were in school. You, or your parents, if you were a dependent, should have claimed the tuition credit, or deduction, at that time. If you failed to do so because you thought "loan money didn't count", you can file amended returns going back three years (2021 must be amended by 4-15-25). 

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3 Replies
Vanessa A
Employee Tax Expert

If I paid off my $4,000 in student loans this year, but I am no longer enrolled (graduated, working), does that count as "paid college expenses or tuition"?

No.  In order to pay college expenses or tuition you would need to be enrolled in classes in the tax year and make the payments in the tax year.  You cannot take an education deduction or credit for student loans that you used to pay tuition for previous years.  

However, you may be able to take a student loan interest deduction if you qualify. 

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If I paid off my $4,000 in student loans this year, but I am no longer enrolled (graduated, working), does that count as "paid college expenses or tuition"?

If you paid interest on your student loans you can enter the interest that is on your 1098E.   No, you cannot call paying off your loan paying tuition or expenses.

 

WHERE DO I ENTER STUDENT LOAN INTEREST

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/enter-student-loa...

 

**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.**
Hal_Al
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

If I paid off my $4,000 in student loans this year, but I am no longer enrolled (graduated, working), does that count as "paid college expenses or tuition"?

Q. If I paid off my $4,000 in student loans this year, but I am no longer enrolled (graduated, working), does that count as "paid college expenses or tuition"?

A. No. You "paid college expenses or tuition" when you used the loan money to make  actual payments, back when you were in school. You, or your parents, if you were a dependent, should have claimed the tuition credit, or deduction, at that time. If you failed to do so because you thought "loan money didn't count", you can file amended returns going back three years (2021 must be amended by 4-15-25). 

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