topic Student Loan Deduction in Deductions & credits

Student Loan Deduction

pen66angie — Mon, 19 Nov 2018 23:05:04 GMT

can I take the interest deduction for 2018 interest payments

Re: Student Loan Deduction

Carl — Tue, 20 Nov 2018 00:54:39 GMT

Only if you had a legal obligation to pay the loan, and you actually did pay it. If both criteria are not met, you can not claim/deduct the interest. If your name and SSN is not on the 1098-E, then be prepared to prove both criteria to the IRS if audited on it.

Re: Student Loan Deduction

AJ — Sun, 09 Dec 2018 05:27:42 GMT

Here is a link for you to check some of the miscellaneous restrictions that could prevent someone from claiming the student loan interest deduction.

https://turbotax.intuit.com/tax-tips/college-and-education/what-is-form-1098-e-student-loan-interest-statement/L2KV1FPmw

If you qualify, then the draft IRS forms indicate that the student load interest amount would go to Line 33 of Schedule 1 as an adjustment to income.