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March 24, 2022
Question

I paid $2200 towards my student loans last year but did not pay interest as they were in deferment. Where do I document this on my taxes?

  • March 24, 2022
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1 reply

March 24, 2022

If you did not pay any interest, you do not have to report this on your taxes.  The student loan interest deduction allows borrowers to deduct up to $2,500 of the interest paid on a loan for higher education directly on Form 1040. Eligibility for the deduction includes an individual's filing status and income level. The deduction is capped at the amount paid for those who paid less than $2,500.