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Old 12-29-2017, 01:29 PM
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Student Loan Interest Deduction

For the year 2017 I had ~$3000 in interest accrue on my student loans, but I was unemployed for most of the year so I wasn't making payments. Now that I have a job I would like to make a payment against that interest to deduct on my taxes, but the issue is that interest has already been capitalized. Is there any way I can make a payment do deduct that interest on my upcoming tax return?



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Old 12-30-2017, 12:20 AM
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For the year 2017 I had ~$3000 in interest accrue on my student loans, but I was unemployed for most of the year so I wasn't making payments. Now that I have a job I would like to make a payment against that interest to deduct on my taxes, ======>Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntarily pre-paid interest payments. You may deduct the lesser of $2.5K or the amount of interest you actually paid during the year. The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income amount reaches the annual limit for your filing status


but the issue is that interest has already been capitalized. Is there any way I can make a payment do deduct that interest on my upcoming tax return?======>> You cannot carry forward student loan interest. The student loan interest can only be entered on the tax return for the year paid.



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