in Education
You'll need to sign in or create an account to connect with an expert.
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).
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.
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
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).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Liv2luv
New Member
in Education
mkbd11
New Member
SBD5
New Member
LK45
Level 1
afrystak89
Level 1