CARES Act - Employer Student Loan repayment

[Dmoks]

Under the CARES Act, an employer (including a sole-proprietor) can make up to a $5,250 payment towards a student loan without the employer or employee being taxed.   Where is the correct filing location for this deduction in the self-employed version of Turbotax?

[Opus 17]

Are you the employee receiving the benefit, or the employer providing the benefit?

[Dmoks]

I would be both. 

[Opus 17]

I don't use the SE version of Turbotax very often.  It looks like on Schedule C it would go on line 14 "Employee benefit programs (not on line 19)".  Is there an entry like that?

@DoninGA  @Hal_Al 

[Hal_Al]

Line 14 sounds right.  The alternative would be line 27a.

To qualify for the deduction, the program must be a separate written plan of the employer providing educational assistance for the exclusive benefit of the company’s employees. It is  available to sole proprietors, who can treat themselves as employer and employee. Reference: https://www.lockton.com/Resource_/PageResource/MKT/CARES_Act_Update_New_Student_Loan_Reimbursement.p...

[Dmoks]

This is my first year using the "online" version and it won't let me view the actual tax document (or at least I have not figured out how to yet).  I've gone through every expense and it doesn't fall into the provided categories.  To answer your question directly: no, there is not an employee benefit program entry.  I understand the reasoning before 2020, if you were a SP and make a payment to your loans, you pay tax as the individual anyway so there is no point; however under the CARES Act, the employee does not get taxed for student loan payments from 3/20 - 12/20 up to $5,250. 

Thank you for your response though; I'm hoping I can figure this out because it's a huge deduction at $5,250.

[Hal_Al]

TT will not let you see the forms (except 1040) until you pay their fee.

I would not make a manual entry on line 14, as I believe that prevents e-filing. Use other expenses and identify as Employee student loan benefit.

[Dmoks]

Thank you so much!