You can use your statements to claim a student loan interest deduction. All you need to claim the deduction in TurboTax is the name of the lender and amount of interest paid.
- Enter the amount from your statements in TurboTax.
- Type 1098e in Search in the upper right
- Select Jump to 1098e
- Add another 1098-E if your existing lender is not showing up
- Enter the lender’s name and amount
Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntarily pre-paid interest payments. You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year. The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status.
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