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Can I claim my student loan?

by TurboTax•529• Updated 2 months ago

While you can't claim the loan itself, you can deduct the interest paid on a qualified student loan. The loan must have been used for tuition, fees, room and board, books, and supplies for you, your spouse, or your dependent. This includes interest that was paid early or on time.

Interest paid on student loans is reported using Form 1098-E. If you paid $600 or more in interest on a qualified student loan during the year, you'll receive this form from your lender.

Here's how to enter your student loan interest in TurboTax. We'll ask you questions to determine if you qualify and how much deduction you'll get.

This deduction is an adjustment to income. That means you can claim it whether you itemize your deductions or take the standard deduction.

You can’t claim interest as student loan interest if the interest is also allowable as any other type of interest deduction.

For general state-specific questions, find your state’s Department of Revenue here.

  • The amount of interest you‌ paid during the year, up to $2,500
  • The deduction is reduced when your modified adjusted gross income amount reaches $80,000, or $160,000 if you’re Married Filing Jointly.
  • The deduction is eliminated when your modified adjusted gross income is over $95,000 or over $195,000 if you’re filing jointly.

You can claim the deduction in tax year 2024 if all of these apply:

  • You paid interest on a qualified student loan in tax year 2024
  • You, or your spouse if filing jointly, can't be claimed as dependents on someone else's return
  • You're legally obligated to pay interest on the qualified student loan
  • Your filing status isn't Married Filing Separately

Note: a qualified student loan is a loan you took out solely to pay qualified higher education expenses that were:

  • For you, your spouse, or a person who was your dependent when you took out the loan.
  • Paid or incurred within a reasonable period of time before or after you took out the loan
  • Paid within a reasonable period of time before or after taking out the loan