School tuition fee is being paid with loan, should the total fee to be claimed or based on annual repayment plus interest?

Forum|Forum|4 years ago
February 23, 2022
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loan total should be claimed or just the has been paid

Tweetynae25

Before you begin entering amounts for students loans or lines of credit into your tax return, it's important to understand that these amounts aren't considered income. As such, you can't claim these amounts in total.

However, you can claim the interest paid on a student loan as a deduction to help lower your tax balance owing. Once your tax owed is reduced to zero, any leftover interest you paid can be carried forward to future tax years (for up to five years). You may only claim the interest paid on your student loans, even if someone else paid the fees. Any interest paid on a student line of credit can't be claimed.

For more information, please see our TurboTax article. The Ultimate Tax Guide for Students

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