How to Deduct Student Loan Interest on Form 1040 using IRS Form 1098-E

If you borrowed money to fund your college education, the student loan interest expense on your payments may qualify as a tax deduction.

If you started making payments on those loans, the loan company will issue you a Form 1098-E at year-end which shows the amount of interest expense included in the payments.

Student loan interest is deductible up to a maximum of $2,500 (as of 2020), but it is subject to certain phaseouts.

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