You can claim an education credit for qualified education expenses paid by cash, check, credit, or debit card, or paid with money from a loan. If you pay the expenses with money from a loan, you take the credit for the year you pay the expenses, not the year you get the loan or the year you repay the loan. Qualified education expenses must be paid to a eligible educational institution.
- Qualified education expenses paid out of pocket include tuition, fees, books, supplies, and equipment required for your courses
To report qualified Education Expenses paid by loan and out of pocket in TurboTax - Click here.- Also see steps below:
- Open or continue your return.
- Select Federal and then Deductions & Credits.
- Select I'll choose what I work on.
- Under Education, select Start or Update next to Expenses and Scholarships (Form 1098-T).
- Follow the screens to enter your info.
