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luckynca
New Member

My paychecks are being garnished for student loan can i use this?

 
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2 Replies
JulieH1
New Member

My paychecks are being garnished for student loan can i use this?

No, the wage garnishment cannot.  That is just repaying a loan. 

However, if you are paying interest on the loan that may be deductible on your return. Student loan interest is interest you paid during the year on a qualified student loan. If you are paying interest on the loan it may be deductible on your tax return as an adjustment to your income if all the following apply:

  • Your filing status is any filing status except married filing separately.

  • No one else is claiming an exemption for you on his or her tax return.

  • You are legally obligated to pay interest on a qualified student loan.

  • You paid interest on a qualified student loan.

    For more information please see IRS Publicaiton 970, Tax Benefits for Education. You can visit www.irs.gov to view, download, print or order IRS forms and publications or you can call (800) 829-3676 to have it mailed to you.

JulieH1
New Member

My paychecks are being garnished for student loan can i use this?

Try to contact the loan processor for you student loan to see what interest was paid this year and request a 1098-E
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