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New Member
posted Feb 1, 2023 3:41:33 PM

Do I need to file an amendment to my 2021 taxes if i just recieved a 1098-E form showing $200 interest paid on student loans?

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3 Replies
Level 15
Feb 1, 2023 3:46:15 PM

If you already e-filed and the return was accepted then amending is the only way to add it.

 

You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.  The IRS does not allow you to take it back.

 

If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.

 

Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return. 

 

 If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and e-file or mail  it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X.

 

  Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed

 

The Form 1040X you need will not be available until late February.

Expert Alumni
Feb 1, 2023 4:00:43 PM

It depends. Student loan interest is not deductible if your income is too high so you may not have to amend your return.

 

For 2022, the amount of your student loan interest deduction is gradually reduced (phased out) if your modified adjusted gross income is between $70,000 and $85,000 ($145,000 and $175,000 if you file a joint return).

 

You can’t claim the deduction if your MAGI is $85,000 or more ($175,000 or more if you file a joint return).

 

See Student Loan Interest Deduction

 

You can start the amendment process in TurboTax and see whether you get additional money back. If you don’t — or if you don’t want an additional refund — you can cancel.

Expert Alumni
Feb 1, 2023 4:01:44 PM