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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