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New Member
posted Mar 26, 2020 2:33:50 PM

I have already filed taxes and gotten the returns . But I noticed I never included my college payments I am making right now . Is there anyway I could go ahead and add that ? It would definitely benef

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Level 15
Mar 26, 2020 2:35:58 PM

 You would have to amend your returns.  Amended returns must be mailed.

 

How do I amend a 2019 return in TurboTax?

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-amend-a-2019-return-in-turbotax/00/123845...

3 Replies
Level 15
Mar 26, 2020 2:35:58 PM

 You would have to amend your returns.  Amended returns must be mailed.

 

How do I amend a 2019 return in TurboTax?

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-amend-a-2019-return-in-turbotax/00/123845...

Level 15
Mar 26, 2020 2:36:20 PM

Are you referring to your student loan interest?  You would need to amend your return to include that. 

 

How do I amend my 2019 TurboTax Online return?

 

 

A 1040X cannot be e-filed.  It must be printed and mailed.  It will take about 4 months for the IRS to process an amended return.  It is a good idea to use a mailing service that will track it, like UPS or certified mail, so you will know it was received.

Wait about 3 weeks from mailing and you can check the status of your amended return:

https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1

 

https://www.irs.gov/filing/individuals/amended-returns-form-1040-x/amended-return-frequently-asked-questions

https://ttlc.intuit.com/questions/1908543-do-i-need-to-amend

 

 

 

 

STUDENT LOAN INTEREST

Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest.  If you did not sign or co-sign for the loan you cannot deduct the interest.

You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.

The student loan interest deduction can reduce your taxable income by up to $2500

There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -  

• If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.

• If your filing status is married filing joint, then the phaseout beings at  $130,000 until $160,000, after which the deduction is eliminated entirely.

Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2019 (Form 1098E)

Look on your 2019 Schedule 1 line 20 to see your student loan interest deduction

Level 15
Mar 26, 2020 2:36:57 PM

You would need to amend the 2019 tax return to make any additions, deletions or changes to the 2019 return.

 

An amended tax return, Form 1040X, can only be printed, signed, dated and mailed by you to the IRS, it cannot be e-filed. The IRS will take up to 4 months to process the amended tax return. 


To access your online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/

Scroll down to the bottom of the screen and on the section Your tax returns & documents click on Show. Click on the Year and Click on Amend (change) return


See this TurvrboTax support FAQ for amending a 2019 tax return - https://ttlc.intuit.com/community/tax-topics/help/how-do-i-amend-a-2019-return-in-turbotax/01/1238456#M4600