Can You Deduct Interest From Student Loan Payments On Your Tax Return?
I understand that it is possible to make a deduction from your taxable income from interest paid on qualifying student loans.
I believe I qualify for this, as I have been paying on my student loans for some time now. However, how do I go about showing this? I don’t recall getting any particular form from my student loan lender. I have statements, but I believe they just show the payments that I’ve made, and not how much has gone towards principal and interest, etc.
Can I request a form, or is there another way to go about doing this?
sumbumbl said
am July 22 2009 @ 11:10 pm
If you paid interest on student loans, then you should have received a 1098. This is reported on line 33 of your 1040. As long as you didn’t have more than 57,500 in AGI, then that’s it- it’s pretty simple. If you did, then you need to get the instructions, because you have to subtract out the limit and go through a calculation to determine how much of the interest you get to deduct.
If you are sure you paid interest and not just principle, contact the lender or go to their website. Usually, you can print tax forms directly from the website. I’d try that first.
Good luck. :0)
SmartA$$ said
am July 23 2009 @ 4:57 am
Interest on qualified student loans should be reported on form 1098.
If you have federal student loans and you do all of your payments and account notices online, you may not get a 1098 form in the mail. This was my situation. I just logged into my student loan account online and there is a link for tax documents. It shows me my 1098 and gives me the option to print it for my records.