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April 7, 2022
Question

I paid the student loan for a UK loan provider and they issued W-8IMY form. Can/Should I file this too?

  • April 7, 2022
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1 reply

April 7, 2022

You can deduct the interest if the loan proceeds are used for qualifying education expenses. You need to convert the money to US dollars using the yearly average exchange rate and enter the amount in TurboTax as follows:

 

Go the the Federal section of TurboTax, then Deductions and Credits, then Student Loan Interest Paid (Form 1098-E). 

 

Yearly Average Exchange Rate

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