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February 25, 2020
Question

If my college went into collections, can I still claim it on my taxes if I have paid a large chunk of it?

  • February 25, 2020
  • 1 reply
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1 reply

February 25, 2020

Yes, you can claim a deduction for the interest paid. You should have a tax document that shows the amount of interest paid.

 

 

Any fees associated with the collection process are also not deductible.

To report student loan interest paid in TurboTax:

  • Click My Account (Top right of your screen).
  • Select Tools.
  • In the pop up window, select Topic Search.
  • In the search bar, type in 1098-e
  • Highlight it and select GO, and follow the prompts.
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