Solved: I have student loans, why is turbo tax saying I do not?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

I have student loans, why is turbo tax saying I do not?

 
1 Best answer

Accepted Solutions
Highlighted
Employee Tax Expert

I have student loans, why is turbo tax saying I do not?

It depends.  You are entitled to a deduction of up to $2500 for student loan interest you paid in the year.  However, this deduction can be limited or disallowed for two reasons.  The first is your filing status.  If you file as Married Filing Separately, the deduction is not allowed.  In addition, the deduction is reduced or phased out (no longer allowed) when your income reaches certain levels.  This FAQ has more information:  https://ttlc.intuit.com/replies/3302319

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
Highlighted
Employee Tax Expert

I have student loans, why is turbo tax saying I do not?

It depends.  You are entitled to a deduction of up to $2500 for student loan interest you paid in the year.  However, this deduction can be limited or disallowed for two reasons.  The first is your filing status.  If you file as Married Filing Separately, the deduction is not allowed.  In addition, the deduction is reduced or phased out (no longer allowed) when your income reaches certain levels.  This FAQ has more information:  https://ttlc.intuit.com/replies/3302319

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

v
Privacy Settings