I qualify for student loan deductions but they are not showing up in my return estimate. What do I need to do to fix this?

[haydens795]

I checked the IRS qualifications and I do qualify for deductions. But when I finished filling out my info for federal and state, it didn't make a difference. How can I tell if my loan deductions are being applied?

[xmasbaby0]

Do you mean student loan interest that you paid in 2018?  That deduction is not added to your refund.  It lowers the amount of income you are taxed on.

[haydens795]

Yes, 2018. That makes sense. Does this mean if it doesn’t change the refund it doesn’t matter if I include it with filing taxes? TurboTax wants to charge to just include it, but if there is no actual tax break from it anyway then there’s no point, right? Thank you for your help!

[xmasbaby0]

I did not say there is not a tax break.  I said it reduces the amount of income you are taxed on--by up to $2500.  We cannot see your tax return or the amounts you are entering, so we cannot say if using your student loan interest will have an impact on your return.

[haydens795]

Okay, thanks for your help!