https://ttlc.intuit.com/community/college-education/discussion/can-i-claim-a-student-loan-interest-deduction-for-my-uk-student-loan/01/596802#M16369 <P>I have a UK Student Loans Company loan that I am currently paying off, and am trying to see if I qualify for the interest deduction.&nbsp;</P><P>I have checked and the institutions I attended in the UK are all federally recognized with FAFSA numbers. The loan was used for qualified educational expenses, I am not claimed as a dependent, we are married filing jointly, and our MAGI is under the threshold; so I think the interest should qualify. However as the loan originates in the UK I will not get a 1098-E but I have requested a statement showing interest accrued for 2015.<BR /></P><OL> <LI>Will the statement be sufficient evidence to claim the deduction?</LI> <LI>If so, how do I figure the value of the interest in USD? Is there a standard exchange rate I need to use?</LI> </OL> Thu, 06 Jun 2019 05:21:31 GMT britoutofwater 2019-06-06T05:21:31Z https://ttlc.intuit.com/community/college-education/discussion/can-i-claim-a-student-loan-interest-deduction-for-my-uk-student-loan/01/596802#M16369 <P>I have a UK Student Loans Company loan that I am currently paying off, and am trying to see if I qualify for the interest deduction.&nbsp;</P><P>I have checked and the institutions I attended in the UK are all federally recognized with FAFSA numbers. The loan was used for qualified educational expenses, I am not claimed as a dependent, we are married filing jointly, and our MAGI is under the threshold; so I think the interest should qualify. However as the loan originates in the UK I will not get a 1098-E but I have requested a statement showing interest accrued for 2015.<BR /></P><OL> <LI>Will the statement be sufficient evidence to claim the deduction?</LI> <LI>If so, how do I figure the value of the interest in USD? Is there a standard exchange rate I need to use?</LI> </OL> Thu, 06 Jun 2019 05:21:31 GMT https://ttlc.intuit.com/community/college-education/discussion/can-i-claim-a-student-loan-interest-deduction-for-my-uk-student-loan/01/596802#M16369 britoutofwater 2019-06-06T05:21:31Z https://ttlc.intuit.com/community/college-education/discussion/you-can-deduct-student-loan-interest-from-a-foreign-count/01/596811#M16370 <P>You can deduct student loan interest from a foreign country, as long as the loan&nbsp;meets the requirements of being a student loan (a&nbsp;qualified student loan is a loan you took out solely to pay qualified higher education expenses) and you have legal obligation to make the loan payments.&nbsp;</P><P>The year-end statement is sufficient enough to claim the interest. When going through Turbo Tax interview, simply enter the name of your Lender and amount in box 1, as if form is received.</P><P>You are correct that all amounts must be entered in U.S. dollars on the U.S. tax return. You may use "government resources" or "external resources" in the below link for conversion:</P><P> <A href="https://www.irs.gov/Individuals/International-Taxpayers/Foreign-Currency-and-Currency-Exchange-Rates" rel="nofollow" target="_blank">https://www.irs.gov/Individuals/International-Taxpayers/Foreign-Currency-and-Currency-Exchange-Rates</A> <BR /> </P><P>Additional information:</P><P> <A href="https://www.irs.gov/Individuals/International-Taxpayers/Yearly-Average-Currency-Exchange-Rates" rel="nofollow" target="_blank">https://www.irs.gov/Individuals/International-Taxpayers/Yearly-Average-Currency-Exchange-Rates</A> <BR /> </P> Thu, 06 Jun 2019 05:21:32 GMT https://ttlc.intuit.com/community/college-education/discussion/you-can-deduct-student-loan-interest-from-a-foreign-count/01/596811#M16370 MargaretL 2019-06-06T05:21:32Z