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March 15, 2024
Question

Have to repay a scholarship via monthly payments as I dropped out of college....can I claim amount paid in 2023on my taxes as a deduction?

  • March 15, 2024
  • 2 replies
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2 replies

DoninGA
Employee
March 15, 2024

No, that payment cannot be used as a deduction.  That would be considered a personal loan and personal loan payments are not deductible on a tax return.

Hal_Al
Employee
March 15, 2024

Q. I have to repay a scholarship via monthly payments as I dropped out of college....can I claim amount paid in 2023on my taxes?

A.  No. More accurately, probably not.  If the classes were also in 2023, then you can claim the amount you paid in 2023, but only  for the 2023 classes.