All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Pioneer
Posts: 1
Registered: ‎04-16-2018

Claiming Student Loan interest without paying for tuition

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My son is paying for student loan interest for a loan taken out 2 years ago. He didn't have to pay for tuition in 2017. Can he claim the interest he paid without claiming tuition paid in 2017 for NYS ?

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Associate (Neighbor)
Posts: 220
Registered: ‎07-22-2014

Re: Claiming Student Loan interest without paying for tuition

Hello, cakelady, and welcome to the community.

 

Since tuition paid and student loan interest show up in completely different places on the return, there should be no issues with claiming one and not the other.

 

Student loan interest shows up on line 33 of Form 1040; tuition paid would be on Form 8917 or Form 8863, depending on which education credit you're claiming.  (Form 8917 is for claiming the tuition and fees deduction; Form 8863 is used for the American Opportunity and Lifetime Learning credits.)

 

hope that helps!

 

-kurt

Council Member
Posts: 548
Registered: ‎04-06-2016

Re: Claiming Student Loan interest without paying for tuition

Yes, paying student loan interest is completely separate from whether or not tuition is being paid in that year.  Many students don't start paying back their loans until after they graduate. You can deduct the student loan interest you pay in the year that you paid it.

 

As far as New York State, the student loan interest deduction is taken an adjustment of income before AGI is calculated. Since most states start with the Federal AGI, it will already have been considered.  I'm not sure if NYS requires you to make any adjustments to your Federal AGI for student loan interest on your state return.  Someone else may know the answer to that one.


Karen