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The loan was for a dependent: If you took out a loan in your own name for someone else like a child or other dependent, you can take the student loan interest deduction.
There’s a deduction you can take when filing your taxes if you paid student loan interest. Paid your student loans in 2023? You could qualify for this tax deduction for the first time
Normally, student loan borrowers can deduct the interest they paid on their loans from their income tax returns, but things haven't been normal for a few years. Federal student loan payment pauses...
Deductions Worksheet – Step 4(b) on page 3. ... Student loan interest deduction. Tuition and fees deduction. See: Common IRS Tax Forms Explained. 5. Add lines 3 and 4, and enter the total on line 5.
Learn how your student loans could qualify you for a tax break. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. Mail ...
Then you might be able to deduct up to $2,500 worth of the interest you paid for either a federal or private student loan — or both. You can claim the deduction on your federal income tax return ...