Only the interest portion of the payments is tax deductible, not the entire payment. You can read more information about the deduction at the link below -
https://www.irs.gov/taxtopics/tc456.html
You should receive a Form 1098E from your student loan lender detailing your interest paid. To enter it in TurboTax, follow these steps -
- Log into your account and click Take Me to My Return
- Click on the Federal Taxes tab
- Then Deductions and Credits
- Scroll down until you see Education (you may have to click Check for More Credits and Show All to get the full list to appear)
- Click on the Student Loan Interest Paid (Form 1098E) section
- Enter your information
