When i clicked on the box offering to suggest information on student loan help it said i dont have any student loans. Where do i correct this?

[maryrose377]

I need to input that I have a student loan but I'm not sure where I would do that? State or federal? and which section? Also, I have accrued a small amount of interest but no payments are due yet and I haven't made any payments so do I still add it to my taxes?

[LeeM · Accepted solution]

Since you have not paid any interest or made payments on that student loan, you do not need to report the proceeds.

You only need to report the interest paid (as a deduction) when you begin paying the loan back. Just make sure you enter all of your education costs, even if they were paid for by the loan. You get to deduct those since you have to pay the loan back.

[maryrose377]

So do I put in my student loan amounts I took out for 2016 in? Or do I wait until I start paying them back?
If I do put them in, where? Under education costs it asks for 1098-T but that doesn't include my student loans

[maryrose377]

So do I put in my student loan amounts I took out for 2016 in? Or do I wait until I start paying them back?
If I do put them in, where? Under education costs it asks for 1098-T but that doesn't include my student loans

[LeeM]

No, you do not have to record those loan amounts at all because they are not considered income. They are like credit cards, the money is not included as income because you have to pay it back.
Once you start paying them back, you will get a notice from your lender each year with student loan interest paid. You can deduct that however.
You do not have to report your student loan amounts.