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U.S. Navy Loan Repayment Program (LRP) tax question?
Since these payments made by the Navy on my behalf to the lender count as taxable income, can I also count them as payments made to the lender by me?
"'What is the student loan interest paid deduction?'
'This deduction allows you to claim up to $2,500 of interest you paid on qualifying loans for college or vocational school...You can claim this deduction for the interest you paid on any student loan for you, your spouse, or someone who was your dependent when you started the loan. You can continue to take the deduction each year until you pay the full amount.'"
2 Answers
- Bostonian In MOLv 71 decade ago
The student loan interest paid on your behalf is deductible since the payments are income. You should have received a Form 1098-E from the lender by now. If you have not, call and ask where it is or at least how much interest was paid.
- troLv 71 decade ago
not on your tax return, there is no credit or deduction for repaying a loan, even the interest is not allowed
