Student loans on taxes?

Question

I started paying back my student loans last year. I am suposed to claim that on my taxes? If so, then how? I am supposed to get some kind of tax form from the student loan company before I claim? Sorry for the multi-part question. Thanks in advance.

Answer 1

You should receive a 1098 showing the amount of student loan interest that you paid, sometimes this is available on line with the Loan issuer.
If you meet the qualifications to claim the Student Loan, this is taken as an adjusment to income, which lowers your ajusted gross income.
Review Publication 970 to see if you qualify
http://www.irs.gov/publications/p970/index.html
or Call the Internal Revenue Service at 1-800-829-1040

Answer 2

You can claim the interest paid on school loans. Your lender should provide you with a 1098-E. If you didn't pay any interest off, (if you only have non-interest loans) I don't think you have anything to claim, but you should probably call your lender to be sure.

Answer 3

You should be getting a Form 1098E or a substitute letter from your lending company that will give you the interest paid and any fees.

Up to $2500 or so is available as a deduction and can add a lot to your return!

Answer 4

you should have received a Form 1098 showing the amount of student loan interest you paid during the year.

if you didnt receive it, you need to call them up and ask for the amount over the phone.

it may not be deductible in full, depending on your income. if you use a tax software to file your taxes (i.e. turbotax), it will ask you for this amount and will calculate the deduction for you

Answer 5

I just found this http://wiz.sc/studentloans article it should answer your question it has some good information on student loans.