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You can take a tax deduction for the interest paid on student loans that you took out for yourself, your spouse, or your dependent. This benefit applies to all loans (not just federal student loans) used to pay for higher education expenses. The maximum deduction is $2,500 a year. Depending on your tax bracket and the actual amount on your 1098-E it could reduce your taxes by as much as (your tax bracket %)x(Actual Student loan Interest)= deduction up to $2,500. For 2022, the amount of your student loan interest deduction is gradually reduced (phased out) if your MAGI 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 chapter 4.
For example, Total Taxable income is 43,000. Then you have a 1098-E in the amount of 2,500. This would reduce your taxable income by 2,500. Depedning on tax bracket it could save money and add to your refund.
Federal 1040-X amendment is not available to file until 2/23/2022 according to the Availability Tool.
Yes, if you got another form like a W-2, 1099-MISC, or a different form that needs to be reported after filing or you forgot to add something, you can still fix your return. You'll want to determine if the IRS or state has “accepted” the information you already filed. If the IRS or state has accepted it, you'll see Accepted as the status of your return when you sign in to TurboTax (in Tax Home) or when you open the CD/Download TurboTax software. If they have accepted your return, then you may need to amend your tax return.
If your return was rejected, you can add the missing form or information, correct the reason for rejection, and resubmit.
If you forgot to add something like dependent information, a deduction you qualify for (1098-E), or even used the wrong filing status it can have a significant impact to your tax bottom line (your refund increase/decrease or amount due). Some info doesn't make a difference monetarily, but can still be something the IRS or state needs corrected. Your best bet is to correct (amend) the information and send it back to the IRS or state.
If you do want to change or correct some info on your tax return after you've filed it, you may need to amend your return. Here are some things to know before you begin:
Select your product below and follow the instructions.
If you want to track the status of your amended return, use the IRS Where's My Amended Return? tracking tool. Allow at least 16 weeks for the IRS to process your amended return.
If you are not feeling sure whether to amend, this IRS Tool may help you decide.
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