Can I deduct interest paid on a loan from life insurance? Where on the tax form is this?

[AnnaB]

No, that would be a personal expense.  The loan was not taxable to you when you received it (neither are life insurance proceeds); therefore, you would not get a deduction for the related interest.

[K_beav8293]

What if the loan was used exclusively to pay for education expenses? Would that, then, be deductible?

[SharonD007]

It depends.  If you have a federally funded student loan, you may qualify to deduct up to $2,500 of interest on your tax return each year.  You must meet the following criteria to take the student loan deduction.

1. You paid interest on a qualified student loan in tax year 2023
2. You're legally obligated to pay interest on it
3. You use any filing status except Married Filing Separately
4. Another taxpayer isn't claiming you as a dependent
5. Your MAGI is less than $90,000 ($185,000 if MFJ).

If your loan qualifies, you will receive a 1098-E Student Loan Interest Statement.

For instructions to enter a 1098-E, refer to the TurboTax Help article Where do I enter student loan interest (Form 1098-E)? 

For more information, review the following articles About Student Loan Tax Deductions and Education Credits and What is Form 1098-E: Student Loan Interest Statement?