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April 4, 2020
Question

There’s a student loan in my history can this help me with tax credits

  • April 4, 2020
  • 1 reply
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Can I add the lifetime learning credit to my information

1 reply

Hal_Al
Employee
April 4, 2020

When you start paying back your loans, you will be able to deduct the interest you pay, up to $2500.  You get the student loan interest deduction, even if you do not itemize deductions (i.e. you use the standard deduction).

 

In the mean time, while you're using loans to pay for school, you may claim an education credit or deduction, for the expenses you pay.  So, yes,you Can add the lifetime learning credit.  Undergrads may be eligible for the more generous American Opportunity Credit. 

 

You cannot claim the credit if you are, or can be, claimed as a dependent, by your parents, or someone else.