Tax Question: I left B4 to get my MBA and took out both FAFSA and private loans. Can I deduct tuition as edu expense now, or only when the loans are paid down? Is interest deductible? Other thoughts?

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Interest is deductible above the line but only $2500 per year.

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Pwc1: cant deduct actual amt, Only incurred interest up to $2500 is deductible above AGI. Use 1098-e amounts in the turbotax and you would also get either american opportunity credit or lifetime learning credit.

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you will be getting a 1098e for student loan paid that you can deduct above the line

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You can deduct tuition when you pay it, no matter how you paid it (ie, it doesn’t matter if you paid it thru loans or out of pocket or whatever).

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Also tuition is also deductible above the AGI. Only the actual amt paid.

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Yes. Caveat on the tuition and fees deduction is it is capped at $4,000.

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No. student loan interest is deductible every calendar year whether or not fully paid. you would receive ur 1098-e
Also, use calendar year for the actual amount paid for tuition.

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I think the student loan interest gets phased out once AGI hits $80k

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Short answer is yes.

Tuition now, interest when you pay the loan.
Unless the republicans f that up too.

Is the amount of interest incurred deductible? Or the actual amount paid?

Side question: What school did you end up going to?

@FA1: I don’t wanna be too specific to preserve my anonymity, so let’s just say it’s a top 15 b-school 😉

Thanks guys!! So if I understand correctly: interest on the loan is deductible when paid (ie: if I don’t pay down my loans till I graduate, this doesn’t apply until then). And tuition is deductible when the educational institution receives payment; so it doesn’t matter whether it is paid through FAFSA, private loans, or out of-pocket — tuition is only deductible for the years I’m attending (part of me was hoping I could deduct the loan as I paid it down each year, but it sounds like I can’t). Both interest and tuition deductions are subject to annual caps. Does this sound right?

SA2 is correct. Can’t deduct the interest once you’re making more than 80k.

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