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Question

Can I deduct principle student loan payments that I paid in cash in 2020 as an education expense? i.e. paid 30K in cash toward principle on a private student loan.

Forum|Forum|5 years ago
March 3, 2021
1 reply
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TurboTax Deluxe Online

No, you cannot deduct student loan principle, just the student loan interest reported on your 1098.

Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntarily pre-paid interest payments. You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year. The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status.