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pen66angie
Level 2
November 19, 2018
Question

Student Loan Deduction

  • November 19, 2018
  • 2 replies
  • 18 views

can I take the interest deduction for 2018 interest payments

    2 replies

    Carl
    Level 11
    CarlLevel 11
    Level 11
    November 20, 2018

    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.

    A
    AJ11_2
    Level 6
    December 9, 2018

    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.

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