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Question

We paid off a student loan debt this year which was almost $9000.00. Do we report this anywhere?

Forum|Forum|4 years ago
February 18, 2022
1 reply
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TurboTax Deluxe Online

Employee

No. You may only deduct interest paid, each year, on student loans. For tax purpose, the principal paid, even in the final year is not reportable or deductible, not does it qualify for any credits.

The time to claim a tax benefit was the year the loan money was used to pay tuition and other qualified expenses (books, fees, computer). You were allowed to claim the money spent, for a education credit or deduction.