in Education
You'll need to sign in or create an account to connect with an expert.
Yes, TurboTax Free Edition does support student loan interest entries. See the TurboTax FAQ below that provides instructions on how to enter into TurboTax:
H&R block had student loan interest deductions included in free. That's why I have been filing with them for last couple of years. Does Turbo plan to include it in free next tax season?
We won't know until Online opens in December.
But There is also The Turbo Tax Free File program which is free for federal and state. And has more forms than the Federal Free Edition, like Schedules A, B, C , D, E, F, EIC, H, K-1, SE, etc.
NOTE: You will have to setup a new account with a new username and new password or it will take you back to regular Turbo Tax.
To qualify for the Free File website you just need to meet one of these 3 things
AGI $34,000 or less
Active duty military with AGI of $66,000 or less
OR qualify for EIC (earned income credit.)
In order to use the Free File program, you have to start it at a special website. Click on the bottom Orange button I Qualify Start Now and set up a NEW account
NO! The free turbo tax does NOT support student loan interest as a deduction. You can enter it... but the very next screen tells you that you will have to purchase the product to get the deduction. Needless to say this resulted in a colossal waste of time for me and my son when we attempted to use the "free" version to do his taxes.
There is also The Turbo Tax Free File program which is free for federal and state. And has more forms than the Federal Free Edition, like Schedules A, B, C , D, E, F, EIC, H, K-1, SE, etc.
NOTE: You will have to setup a new account with a new username and new password or it will take you back to regular Turbo Tax.
To qualify for the Free File website you just need to meet one of these 3 things.
AGI $36,000 or less.
Active duty military with AGI of $69,000 or less
OR qualify for EIC (earned income credit.)
In order to use the Free File program, you have to start it at a special website. Click on the Orange button I Qualify, Let's get Started and set up a NEW account
At the end of filling in all forms, they try to charge $80 to enter the one number of Student Loan interest paid. ($40 for federal and $40 for state) I switched to Credit Karma Tax and it was totally Free! 2/14/20
Student Loan Deduction is not included in the free edition as it requires filing a Schedule 1 in addition to a 1040. I paid to upgrade last year, but this year I had two state taxes, it would have been cheaper for me to file without the deduction. I ended up filing through myfreetaxes where everything was free.
I've seen other posts that say you can't.
TurboTax also has another free product called the Free File Edition (not to be confused with the regular Free Edition). It has free Federal preparation and free State preparation. There is no efiling fee. It is not available after October 15
The Free file Edition can handle a 1099-MISC.
The Free file Edition is more fully-featured than the regular Free Edition. The Free File Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot.
For Free File Edition a user needs to meet only ONE of these qualifications:
The FREE FILE Edition is located at:
https://turbotax.intuit.com/taxfreedom
How to switch and start over in Free file Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mlvalencia78
New Member
in Education
rrhorton
New Member
in Education
belle-sativa
New Member
Vermillionnnnn
Returning Member
martha-loer
New Member