Can you claim student loan pay off on taxes?I paid off my loan this year.

It depends. You can take a deduction for the interest portion. You can deduct the lesser of $2,500 or the amount of interest you actually paid during the year. However, the deduction is reduced and eventually eliminated if your income is too high.

Additionally, you can only claim the interest deduction if all of the following apply:

• You paid interest on a qualified student loan in tax year 2021;
• You're legally obligated to pay interest on a qualified student loan;
• Your filing status isn't married filing separately;
• Your MAGI is less than $85,000 if filing single or $170,000 if filing jointly; and
• Neither you nor your spouse, if filing jointly, can be claimed as dependents on someone else's return.

If you paid more than $600 in interest in 2021, you will automatically receive form 1098-E — a student loan interest deduction form — in the mail or by email.

Please follow the steps below to enter the interest deduction in TurboTax:

1) Open your Return and click on Tax Home from the Left Menu.

2) On the main screen, please click on Deductions & Credits.

3) Scroll Down and you will see a Section "Education". Within that section, please click the start button next to Student Loan Interest Paid.

Please refer to the image below for further reference.