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Did you make any payments? You do not enter that you took out loans----you enter the interest for the payments made,
You might be paying back loans you took to finance higher education. If so, you could qualify to deduct up to $2,500 of student loan interest per return per year. You can claim the student loan interest tax deduction as an adjustment to income. You don’t need to itemize deductions to claim it.
Student loan interest is interest you paid during the year on a qualified student loan. A qualified student loan is a loan you took out only to pay qualified education expenses that were:
Loans from these sources aren’t considered qualified student loans:
Qualified education expenses are the total costs to attend an eligible school. This includes graduate school. The costs include:
You can usually claim the student loan tax deduction if you meet all these requirements:
If you’re married filing jointly:
If you’re filing as single, head of household, or qualifying widow(er):
To learn more, see Chapter 4 of Publication 970: Tax Benefits for Higher Education at www.irs.gov.
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