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jgowens1226
New Member

Is it to late to add documents that support the fact i took out student loan and that counts as a dreak right ?

Is it to late to amend my already accepted return ,What do i have to do if i filed my return but, I forgot to add in the documentation thatI was in college and took out student loans and may qualify for a break due to loan repayment plan in place? Or do i have to have a plan established first at all?

1 Best answer

Accepted Solutions
Carl
Level 15

Is it to late to add documents that support the fact i took out student loan and that counts as a dreak right ?

Getting "a paper" doesn't confirm anything really. Does the paper, letter or whatever say it's "in lieu" of an actual 1098-E? The 1098-E is used to report interest paid on a qualified student loan. That interest is deductible by the owner of the SSN listed on the 1098-E. While not common, it would not be unusual for one to receive a "letter in lieu" of an actual IRS Form 1098-E.

If this is your case, then the below will apply to you. But understand that if you qualify to be claimed as a dependent on someone else's tax return, then student loan interest can not be claimed/deducted by you. The key word here is "qualify". So it doesn't matter if someone else actually claims you as their dependent or not. If they just "qualify" to claim you, then you can not claim or deduct the student loan interest reported on the SCH E.

Already E-Filed and Need To Change

If you have already E-filed your tax return and need to make a change for any reason, then you have no choice but to wait until the IRS processes your E-filed return. If the IRS rejects your E-filed return, then you can just make the necessary changes and resubmit it. You **DO** **NOT** amend a rejected or pending return. If you do, then you’ll find yourself in a never ending nightmare from which you will not awaken for a looooong time.

If the IRS accepts your E-filed return, then you must WAIT until the IRS has processed your return. If you have a refund due your return is not processed until you have received your refund. If you owe taxes, your refund is not processed until you have paid those taxes and your payment has cleared your financial institution. Once processing is complete, you will need to file an amended return. You cannot e-file an amended return. The IRS says you can’t. You have to print it, sign it (both the 1040 and 1040X) and mail it to the IRS.

If your E-Filed return is pending, and you change anything on your copy of your return, then you are guaranteed to have major issues with correcting or amending it later. So for your own sanity, do not touch anything until it’s time, as clarified above.

An amended return must be printed, signed and mailed. The IRS says so.

If my return is accepted, why do I have to wait for my refund before I can amend it?

Just because the IRS has accepted your return, does not mean that they agree with it. Sometimes, the IRS will “catch” your error (or some other error you don’t know about) and go ahead and correct it for you. You’ll know that when your refund is not what you expected.  So you have to wait for the refund.  If that happens to you, then you will receive a letter 3-4 weeks after you receive your refund, explaining what was changed, why it was changed, and with instructions on what actions to take if your dispute the change. If you receive such a letter and agree with the changes the IRS made, post in this forum with the details (without including personal information) and we'll try to help you get your copy of the return in agreement with the IRS changes, so you won't have issues importing next year.

 

View solution in original post

4 Replies
Carl
Level 15

Is it to late to add documents that support the fact i took out student loan and that counts as a dreak right ?

If you did not receive a 1098-E for 2018, then you have nothing to claim or report concerning any student loans. Did you get a 1098-E with your SSN on it?
jgowens1226
New Member

Is it to late to add documents that support the fact i took out student loan and that counts as a dreak right ?

Yes i got a paper that had that identification code that said use this when filing taxs this year
Carl
Level 15

Is it to late to add documents that support the fact i took out student loan and that counts as a dreak right ?

Getting "a paper" doesn't confirm anything really. Does the paper, letter or whatever say it's "in lieu" of an actual 1098-E? The 1098-E is used to report interest paid on a qualified student loan. That interest is deductible by the owner of the SSN listed on the 1098-E. While not common, it would not be unusual for one to receive a "letter in lieu" of an actual IRS Form 1098-E.

If this is your case, then the below will apply to you. But understand that if you qualify to be claimed as a dependent on someone else's tax return, then student loan interest can not be claimed/deducted by you. The key word here is "qualify". So it doesn't matter if someone else actually claims you as their dependent or not. If they just "qualify" to claim you, then you can not claim or deduct the student loan interest reported on the SCH E.

Already E-Filed and Need To Change

If you have already E-filed your tax return and need to make a change for any reason, then you have no choice but to wait until the IRS processes your E-filed return. If the IRS rejects your E-filed return, then you can just make the necessary changes and resubmit it. You **DO** **NOT** amend a rejected or pending return. If you do, then you’ll find yourself in a never ending nightmare from which you will not awaken for a looooong time.

If the IRS accepts your E-filed return, then you must WAIT until the IRS has processed your return. If you have a refund due your return is not processed until you have received your refund. If you owe taxes, your refund is not processed until you have paid those taxes and your payment has cleared your financial institution. Once processing is complete, you will need to file an amended return. You cannot e-file an amended return. The IRS says you can’t. You have to print it, sign it (both the 1040 and 1040X) and mail it to the IRS.

If your E-Filed return is pending, and you change anything on your copy of your return, then you are guaranteed to have major issues with correcting or amending it later. So for your own sanity, do not touch anything until it’s time, as clarified above.

An amended return must be printed, signed and mailed. The IRS says so.

If my return is accepted, why do I have to wait for my refund before I can amend it?

Just because the IRS has accepted your return, does not mean that they agree with it. Sometimes, the IRS will “catch” your error (or some other error you don’t know about) and go ahead and correct it for you. You’ll know that when your refund is not what you expected.  So you have to wait for the refund.  If that happens to you, then you will receive a letter 3-4 weeks after you receive your refund, explaining what was changed, why it was changed, and with instructions on what actions to take if your dispute the change. If you receive such a letter and agree with the changes the IRS made, post in this forum with the details (without including personal information) and we'll try to help you get your copy of the return in agreement with the IRS changes, so you won't have issues importing next year.

 

View solution in original post

jgowens1226
New Member

Is it to late to add documents that support the fact i took out student loan and that counts as a dreak right ?

Yes this anwawr helped with my question very much so
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