I am paying my student loans back. Is there a student loan tax deduction I can take? Or is there a student loan interest deduction I can claim?
Yes, there is a student loan interest deduction available. You can deduct up to $2,500 of your student loan interest if all of these apply:
- You're legally obligated to pay interest on a qualified student loan.
- You paid interest on a qualified student loan.
- You aren't married filing separately.
- Another person doesn't claim either you or your spouse as a dependent.
A qualified student loan is any loan you took out to pay qualified higher education expenses for:
- Your spouse
- Your dependent
You can't deduct the principal payments on a student loan, the student loan tax deduction is only available on the interest paid.
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You've got your forms. And we've got your back. There's only one thing left to do. Let's do this.
So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.