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rosemarybrecher
New Member

Can I claim student loan interest I paid for the past five years while I was in bankruptcy?

 
2 Replies
ColeenD3
Expert Alumni

Can I claim student loan interest I paid for the past five years while I was in bankruptcy?

You can claim any student loan interest that you paid in 2019 on your 2019 return. Every tax year is separate.

 

@rosemarybrecher

xmasbaby0
Level 15

Can I claim student loan interest I paid for the past five years while I was in bankruptcy?

If you were eligible to enter student loan interest paid for any past tax years, each of those years going back to 2016 could be amended, but each tax year is separate.  Did you receive 1098E's for those years?  Were you anyone else's dependent?  Was the student loan in your name?

 

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 2019 (Form 1098E)

Look on your 2019 Schedule 1 line 20 to see your student loan interest deduction

 

 

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

jump_to=answer_3288565

 

A 1040X cannot be e-filed.  It must be printed and mailed.  It will take about 4 months for the IRS to process an amended return.  It is a good idea to use a mailing service that will track it, like UPS or certified mail, so you will know it was received.

Wait about 3 weeks from mailing and you can check the status of your amended return:

https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1

 

https://www.irs.gov/filing/individuals/amended-returns-form-1040-x/amended-return-frequently-asked-q...

https://ttlc.intuit.com/questions/1908543-do-i-need-to-amend

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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