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Can I take the tax credit for my school loans that got paid by an offset from my last years return
Last year 7000$ of my return was offset to repay school loans . Can I claim any of that as interest payed on this years tax return
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July 3, 2020
9:33 AM
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Education
In a word, no.
Sorry, but principal payments for such loans are not deductible.
And you can't deduct the interest on a student loan unless you receive a 1098-E form in the mail. Note that this is independent of how the loan is repaid.
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July 3, 2020
9:53 AM
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Education
Once you defaulted on the loan, it instantly lost it's "qualified" student loan status. Therefore, if you didn't get a 1098-E, the loan is no longer a qualified loan and nothing concerning the loan is deductible on any tax return.
July 4, 2020
11:13 AM
206 Views