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My primary income is social security. My question is - would I be eligible to file taxes next year if I start paying my school loans this year?

I am currently not working; the time has come to start paying off my school loans. Could I file taxes next year because I’m paying school loans?
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2 Replies

My primary income is social security. My question is - would I be eligible to file taxes next year if I start paying my school loans this year?

Sorry--- your question is unclear.   If your ONLY income is Social Security then you are  not required to file a tax return unless you have a 1095A for marketplace health insurance.   The deduction for paying interest on a student loan would make no difference if you do not owe or pay any tax.    Do you have any other income besides the SS?

**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.**

My primary income is social security. My question is - would I be eligible to file taxes next year if I start paying my school loans this year?

You can't get a monetary benefit (reduction of taxes) from paying student loan interest unless you actually owe tax.

 

You are required to file a tax return if you have other income non from social security (like a pension or 401k withdrawals).  Whether or not you owe tax, and might benefit from the student loan interest deduction, depends on all your income and other circumstances.  

 

To determine if you must file, see this IRS page.

https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

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