in Education
You'll need to sign in or create an account to connect with an expert.
Payments for a student loan are not entered on a tax return.
Q. Where do I file when we paid off $10,000 of student loans in 2024?
A. For most people, nowhere.
The tuition credit is claimed when the loans are use to pay for tuition and other qualified expenses. You cannot claim the tuition credit because you repaid the loan.
You can claim the interest portion of the loan payoff , as an adjustment to (deduction from) income.
If you have a 529 plan, the payment of student loans is now (recent law change) allowed as a qualified expense. That option will come up in the 1099-Q interview. Or your can just exclude it.
You can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, (including student loan payments up to $10,000) to cover the distribution. When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records. You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. You also cannot count expenses that were paid by tax free scholarships.
References:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
xjsz235
New Member
in Education
Shay1212
New Member
wilfredom3jia2005
New Member
in Education
rmcknigh
New Member
tomscales40
New Member
in Education