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Apr 12, 2020 6:28 PM UTC
Question

Student Loan Payment Section

I paid off my student loan of over 10,000 to avoid interest payments since I reached 62 years of age is there anywhere I can claim this as a deduction. I borrowed against my bank account.. to avoid interest payments because my income is limited.

    1 reply

    KathrynG3
    Alumni - Intuit
    Apr 12, 2020 6:49 PM UTC

    It depends. If you received Form 1098-E, and you are within the income limits of claiming student loan deductions, a deduction can be taken for up to $2,500 of interest paid in 2019.

     

    For more information, click these links:

    Where do I enter student loan interest (Form 1098-E)?

    What is a 1098-E: Student Loan Interest

    2019 IRS Publication 970 Tax Benefits for Education

    @Romelia5529