turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Was not in college, but paid off debts owed to a college.

Can these expenses be helpful towards my taxes?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Was not in college, but paid off debts owed to a college.

No, paying off a debt for college expenses incurred in previous years is not a deductible expense.

However, you may be able to deduct student loan interest up to $2,500 on a qualified student loan

Per the IRS, "a qualified student loan is a loan that was taken out solely to pay qualified education expense that were for the taxpayer, spouse, or a person who was a dependent (defined earlier in this course) when the loan was taken out.

The loan must be paid or incurred within a reasonable period of time before or after the loan was taken out, and for education provided during an academic period for an eligible student.

Loans from a related person or a qualified employer plan are not qualified student loans."

You must also be legally obligated to pay the interest.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies