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Would I get in trouble if I forgot to add my 1098-E
No, you will not get in trouble with the IRS if you forgot to claim your student loan interest on form 1098-E. But you will lose the opportunity of an income deduction of up to $2,500.
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Would I get in trouble if I forgot to add my 1098-E
No, you will not get in trouble with the IRS if you forgot to claim your student loan interest on form 1098-E. But you will lose the opportunity of an income deduction of up to $2,500.
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Would I get in trouble if I forgot to add my 1098-E
This was my exact concern too. I paid off my student loans early last year and only paid $51.02 in student loan interest. I always use the Free Version of Turbo Tax to do my taxes and I remember that last year there was a notice stating that because of the 2018 tax law changes that I could no longer use the free version because of my 1098-E form but since it was a new law change Turbo Tax granted a 1 year grace on the start of that rule. That means that when I file my taxes this year the rule would be in effect and I would be forced to pay $80 to upgrade to the Deluxe Edition just so I claim a $50 deduction. That is ridiculous. So I just figured that I would omit that form, use the Free version, and save the $30 difference. My only hesitation is that despite omitting the form is a logical move, the word 'Logic' is not part of the IRS's vocabulary and I was wondering if NOT claiming a deduction from a form that was automatically sent to the IRS from the lenders would result in problems.
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Would I get in trouble if I forgot to add my 1098-E
No you will not be in trouble and the IRS will love you for it since it will reduce your taxable income. In your case, probably not by much.
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Would I get in trouble if I forgot to add my 1098-E
Is it too late to re-enter my 1098-E after I submitted my 2020 tax returns? Both my Fed and State e-file were received.
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Would I get in trouble if I forgot to add my 1098-E
If you filed, it is like dropping it into a mailbox - you cannot get it back.
You'll have to wait until your return is either accepted or rejected.
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If rejected, you can make any necessary changes.
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If accepted, you'll need to amend your return.
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To avoid unnecessary delays, do not amend until your original return has been fully processed.
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You can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail.
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Allow 16 weeks for processing.
See this TurboTax FAQ for help with amending.
You can check the status of your amended return here, but allow 3 weeks after filing for it to show up.
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