Question : Can student loan interest be used as a tax deduction if the loans are in deferment/forbearance?
I know that student loan interest can be deducted.My student loans are all either in deferment or forbearance. I'm accruing interest on some of them, but I haven't actually paid any interest yet. Can I deduct the interest that accrued?Thanks!
- asked by AG
All Answers:
Answer #1
$0 paid, $0 deductible.
- answered by v b
Answer #2
You can only deduct interest that you actuallyPAID during the tax year, not the interest that isaccruing. Sorry to be the bearer of bad news butyou have to wait until you start making paymentson the loans to be able to take a deduction forany of the interest.
- answered by TaxGurl
Answer #3
No, you can only deduct the interest when youactually pay it, not when it accrues
- answered by Judy
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