How do I record monthly payments to my delinquent student account on my taxes?

by Amy L. Bishop, CPA, MST | Feb 12, 2019

I have a delinquent student account at my college (long and complicated story). I have been making regular payments on it since August 2018. How do I record the payments on my taxes?

If the payments are toward a student loan, the interest is deductible on your individual return.  A Form 1098-E should be issued to you that reports this amount. If these payments are toward tuition, these payments may be deductible in different ways, depending on your individual tax situation. You would need to contact a tax professional for advice specific to the details of your situation.

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Answered by: Amy L. Bishop, CPA, MST, is a tax and accounting manager with Delisi, Keenan & Associates PC in Greensburg, Pa.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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