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ketoncs
New Member

Is student loan interest deduction retroactive to previous years?

I did not file for a tax break in 2014 and 2015 even though I paid over $3,000 in interest on my student loan.  Can I still file for that deduction?
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2 Replies

Is student loan interest deduction retroactive to previous years?

Only student loan interest paid during the tax year is deductible as an adjustment to income on a federal tax return.

If you did not report the student interest paid for prior years you can amend the tax return for those years to add the interest payments.

See this TurboTax support FAQ for amending a return originally completed and filed using TurboTax - https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

Is student loan interest deduction retroactive to previous years?

You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year. The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status.
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