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Up to $2,500 in private student loan interest each year may be tax deductible on your return. Lenders will issue a form 1098-E indicating how much interest you’ve paid over the previous year.
Interest payments on student loans, mortgages and business loans can be reported as tax deductions. However, personal loan interest payments only qualify as tax-deductible under certain circumstances.
You paid interest on a qualified student loan in tax year 2023. You’re legally obligated to pay interest on a qualified student loan. Your filing status isn’t married filing separately.
"Student loans that are forgiven after Dec. 31, 2020, and before Jan. 1, 2026, will not be taxed on a federal return, but for state income tax, there are some exceptions," Kathy Pickering, chief ...
You betcha: If you paid on student loans in the prior tax year, you might qualify for the student loan tax deduction, which allows borrowers to deduct up to $2,500 in interest they paid from their ...
A private student loan is a financing option for higher education in the United States that can supplement, but should not replace, federal loans, such as Stafford loans, Perkins loans and PLUS loans. Private loans, which are heavily advertised, do not have the forbearance and deferral options available with federal loans (which are never ...
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