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crystalborth
New Member

If i was paying my school loan all of last year does that count to add to my taxes?

 
2 Replies
JosephF8
Expert Alumni

If i was paying my school loan all of last year does that count to add to my taxes?

You may have gotten a 1099-E for the interest you paid.

 

Where do I enter student loan interest (Form 1098-E)?

Here's how to enter your student loan interest. Follow these instructions whether or not you received a 1098-E from your lender:

  • Open (continue) your return in TurboTax if you don't already have it open.
  • Search for 1098-E (upper- or lower-case, with or without the dash).
  • Select the Jump to link in the search results.
  • Answer Yes to the question Did you pay any student loans?
  • If you land on the Here's your 1098-E info (or Here's what you paid in student loan interest)screen, you can either edit an existing payment or add a new one.

Follow the onscreen instructions.

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xmasbaby0
Level 15

If i was paying my school loan all of last year does that count to add to my taxes?

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

**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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