School Write off potentials

Forum|Forum|2 years ago
November 15, 2023
1 reply
1 view

Enrolled and started college in November '23. Got student loans to pay for this. Also had to buy a new computer and webcam. Can I write those off and how do I report my student loans?

EleanoreS

Employee Tax Expert

Good day,

Congratulations on starting college!

There are many benefits that are available for college expenses.

Your ability to claim them will depend on whether you are claimed as a dependent on someone's (ie your parents) return. There are also different credits available depending on if you are an undergrad or grad student.

You can not deduct the student loans. When you start repaying them; you may be able to deduct the interest paid. In the meantime, expenses paid with student loans count as payments you made for credit purposes.

The computer and webcam may count as qualified education expenses if they were required by your course of study.

Here are two links that will give you more information about education credits: What are education tax credits and The lowdown on education tax breaks .

Thank you for reaching out to the TurboTax Community.

xmasbaby0

Level 15

You also mentioned moving expenses in your other thread.

https://ttlc.intuit.com/community/file-with-turbotax/discussion/new-life-events/01/3109601#M26478

Per the tax laws that changed for 2018 and beyond, moving expenses are not deductible on a federal return except for certain active duty members of the military.

There are several states that allow a deduction for moving expenses on the state return: AZ, AR, CA, HI, IA, MA, MN, NJ, NY, PA and VA You can enter your moving expenses in the federal software and the information will flow to your state return

**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.**