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Level 1

Question

Does excess student loan interest paid carry over to the next year?

Forum|Forum|7 years ago
June 1, 2019
1 reply
15 views

I see I'm only allowed to deduct $2,500. I have an excess of $7,500 for 2017. Does it carry over to the next year or is it lost?

TurboTax Premier Windows

Level 15

No, it does not carry over to the next year. In each tax year the limit of how much interest you can deduct for your student loan is $2500. Only the interest is deductible, not the principal paid.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**