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R
resto2020
February 15, 2021
Question

I have a loqn but i havent staryed paying because am in school still do i need to show that or no

  • February 15, 2021
  • 1 reply
  • 0 views
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1 reply

DaveF1006
DaveF1006
February 15, 2021

No, you can claim an education credit  regardless whether or not you started paying your loan. To qualify, you must have a 1098-T that reports an amount on Box 1 of the form. Right now, the loan is what is making the payments. You will need to pay it back eventually so you might as well receive credit now.

 

There are other conditions that apply to claim the credit and Turbo Tax does a very good job in asking those questions to determine your eligibility for the credit. 

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