Fewer borrowers will be able to claim the student loan interest deduction for 2022, with federal loan payments on hold for the duration of the year. But some people may still qualify. Beforethe Covid pandemic, nearly 13 million taxpayers took advantage of the break, which allows borrowers to ...
You can't claim the student loan interest deduction if your filing status is married filing separately. You're also ineligible if you’re listed as a dependent on someone else's tax return. A parent cannot claim the interest deduction — even if the student is claimed as a dependent — if...
You can’t claim the student loan interest deduction if your filing status is married filing separately. You must file taxes jointly if you’re married and want to take this tax break. The IRS provides an online form to help you figure out if you’re eligible. Even if you think that ...
If you paid $600 or more in interest to a single lender during the year, you should receive a 1098-E form showing how much interest you paid for that time frame. If you made student loan payments but didn’t receive a 1098-E, you’re still entitled to claim the interest deduction, ...
But starting with the 2013 tax year (unless Congress changes the law) the deduction will revert back to old rules than only allowed you to deduct student loan interest for the first sixty months of repayment. So filing your 2012 taxes might be your last chance to claim this deduction. ...
"You can claim the student loan interest deduction based only on amounts actually paid," Kantrowitz said. And because the interest on most federal student loans has been paused, even if you've continued making payments during the pandemic you likely still won't be able to claim the ...
If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit or student loan interest), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic ...
The student loan interest deduction, AOTC, and LLC may be limited if your income is too high. IRSPublication 970covers those income limitations and other details you need to know to claim tax benefits for education. Effectiveness level:Medium ...
If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit or student loan interest), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic a...
Unlike most other deductions, the student loan interest deduction is claimed as an adjustment to income on Form 1040. This means that you don't have to fill out a Schedule A, which is used toitemize deductions, to claim it. Special Considerations As noted, you can deduct up to $2,500 ...