I already filed but then got a 1098-e form saying I paid $56 of interest. do I need to amend my taxes?

[sljm6007]

Is it okay if I don't amend my taxes?

[PaulaM · Accepted solution]

Yes, you can choose to amend or not in this case. The amount may not make much difference to your refund. Should you decide to amend, select the link below for instructions.

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

[shariley1]

'M FILING MY TAXES AND I NEED A 1098-E FORM

[xmasbaby0]

@shariley1 The 1098E is issued by the lender who you have been making payments to for your student loan.  You need to contact that lender or go on the lender's web site to get your 1098E.

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 2018 (Form 1098E)