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rrivera36
New Member

How do I know if I qualify for student loan interest

I pay my student loan monthly and I do not know how to input the interest or how to check it
1 Reply
ShawnaD
New Member

How do I know if I qualify for student loan interest

If you paid more than $600 in interest, you should have received Form 1098-E from your lender that shows how much interest you paid throughout the year. 

You may not receive a 1098-E if you paid less than $600 in interest. But you should still enter any amount of student loan interest you paid so you can get a possible deduction. 


You can claim the deduction if all of the following   apply:

  • You paid interest on a qualified student loan in tax year 2016;
  • You're legally obligated to pay interest on a qualified student loan;
  • Your filing status isn't married filing separately;
  • Your MAGI (modified adjusted gross income) is less than a specified amount which is set annually; and

  • You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.

Please see this link for more information about deducting student loan interest: https://www.irs.gov/taxtopics/tc456.html


You can enter Form 1098-E using the instructions below:

  • Click on "Federal Taxes".
  • Click on "Deductions & Credits".
  • Click on "Check for more tax breaks".
  • Click on "Skip to all tax breaks".
  • Scroll down to the "Education" section and click "Show more" to expand the list.
  • Select "Start" next to "Student Loan Interest Paid (Form 1098-E)" and begin the interview process. 

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