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ashrjones
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I’ve already filed and my taxes have been approved, but 2 days after I got a 1098-e of $2,240 of interest paid on student loans last year. Should I re-file, or does it not really matter

 
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2 Replies

I’ve already filed and my taxes have been approved, but 2 days after I got a 1098-e of $2,240 of interest paid on student loans last year. Should I re-file, or does it not really matter

Well, that is enough to increase your refund or reduce your taxes owed by about $200, depending on your tax bracket.  The choice is yours.

 

If the tax return is accepted then you will have to amend the tax return to make your changes. An amended tax, Form 1040X, return 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. Wait until you have received the tax refund or the taxes owed have been paid and processed by the IRS before amending the tax return.

 

On the Tax Home web page when the the Form 1040X for amending a 2019 tax return becomes available there will be a link - Amend (change) return

AnnetteB6
Employee Tax Expert

I’ve already filed and my taxes have been approved, but 2 days after I got a 1098-e of $2,240 of interest paid on student loans last year. Should I re-file, or does it not really matter

Before going through the process of amending your return to claim the student loan interest deduction, be aware that this deduction is phased out above a certain Modified Adjusted Gross Income level (MAGI).  For the purpose of the student loan interest deduction, the MAGI is your Adjusted Gross Income (AGI) without taking into account the student loan interest.  In your case, take a look at the AGI on your originally filed return and compare it to the following information:

 

 

If you fall outside of the phaseout range there will be no need to amend your return to include the student loan interest.  It will have no effect on your taxes.  

 

To learn more, see IRS Publication 970.

 

@ashrjones

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