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Can I use the Free Edition if I want to deduct student loan interest?

 
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10 Replies

Can I use the Free Edition if I want to deduct student loan interest?

Yes, TurboTax Free Edition does support student loan interest entries. See the TurboTax FAQ below that provides instructions on how to enter into TurboTax:

https://ttlc.intuit.com/replies/4801974

naddan85
New Member

Can I use the Free Edition if I want to deduct student loan interest?

Why did TurboTax change this this year? I can no longer claim my student loan interest on the Free edition.

Can I use the Free Edition if I want to deduct student loan interest?

Major tax reform and major changes in the tax forms have also resulted in changes to the tax software.
WHY DO I HAVE TO PAY?  I WANT THE FREE EDITION
The information that you can enter in Free Edition is pretty limited now.  Thanks to the new tax laws, there are no more simple Form 1040EZ or 1040A's.  Everything goes on a little “postcard-size” Form 1040 that has six extra "schedules" with it, and if you need any of those schedules, you are not able to use the Free Edition.  
<a rel="nofollow" target="_blank" href="https://www.irs.gov/forms-pubs/about-form-1040">https://www.irs.gov/forms-pubs/about-form-1040</a> 
If you qualify to use it, there is another free version of the software:
Try Free File: 
You qualify if your income was $34,000 or less, or $66,000 or less if active duty military, or if you qualify for Earned Income Credit
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program">https://ttlc.intuit.co...>
How do I switch to TurboTax Free File Program?

Note:  If you do not qualify to use Free File then you will have to upgrade to Deluxe or higher in the paid versions of the software.   
 Online Deluxe $39.99  State software $39.99
 If you choose “refund processing” to have fees deducted from federal refund, add another $39.99  ($44.99 in CA)

Or did you add a feature that you want to remove?
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899480-why-am-i-being-charged-for-turbotax-free-edition">https://...>
**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.**

Can I use the Free Edition if I want to deduct student loan interest?

H&R block had student loan interest deductions included in free.  That's why I have been filing with them for last couple of years.  Does Turbo plan to include it in free next tax season?

Can I use the Free Edition if I want to deduct student loan interest?

We won't know until Online opens in December.

 

But There is also The Turbo Tax Free File program which is free for federal and state.  And has more forms than the Federal Free Edition, like Schedules A, B, C , D, E, F, EIC, H, K-1, SE,  etc.

 

NOTE:  You will have to setup a new account with a new username and new password or it will take you back to regular Turbo Tax.

 

To qualify for the Free File website  you just need to meet one of these 3 things

AGI $34,000 or less

Active duty military with AGI of $66,000 or less

OR qualify for EIC (earned income credit.)

 

In order to use the Free File program, you have to start it at a special website.  Click on the bottom Orange button I Qualify Start Now and set up a NEW account

http://turbotax.intuit.com/taxfreedom/

maxjam00
New Member

Can I use the Free Edition if I want to deduct student loan interest?

NO! The free turbo tax does NOT support student loan interest as a deduction.  You can enter it... but the very next screen tells you that you will have to purchase the product to get the deduction.  Needless to say this resulted in a colossal waste of time for me and my son when we attempted to use the "free" version to do his taxes.  

Can I use the Free Edition if I want to deduct student loan interest?

There is also The Turbo Tax Free File program which is free for federal and state.  And has more forms than the Federal Free Edition, like Schedules A, B, C , D, E, F, EIC, H, K-1, SE,  etc.

 

NOTE:  You will have to setup a new account with a new username and new password or it will take you back to regular Turbo Tax.

 

To qualify for the Free File website  you just need to meet one of these 3 things.

AGI $36,000 or less.

Active duty military with AGI of $69,000 or less

OR qualify for EIC (earned income credit.)

 

In order to use the Free File program, you have to start it at a special website.  Click on the Orange button I Qualify, Let's get Started and set up a NEW account

https://freefile.intuit.com/

Can I use the Free Edition if I want to deduct student loan interest?

At the end of filling in all forms, they try to charge $80 to enter the one number of Student Loan interest paid.  ($40 for federal and $40 for state)   I switched to Credit Karma Tax and it was totally Free! 2/14/20

Can I use the Free Edition if I want to deduct student loan interest?

Student Loan Deduction is not included in the free edition as it requires filing a Schedule 1 in addition to a 1040. I paid to upgrade last year, but this year I had two state taxes, it would have been cheaper for me to file without the deduction. I ended up filing through myfreetaxes where everything was free.

Hal_Al
Level 15

Can I use the Free Edition if I want to deduct student loan interest?

I've seen other posts that say you can't. 

 

TurboTax also has another free product called the Free File Edition (not to be confused with the regular Free Edition).  It has free Federal preparation and free State preparation. There is no efiling fee. It is not available after October 15

The Free file Edition can handle a 1099-MISC.

The Free file Edition is more fully-featured than the regular Free Edition.  The Free File Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot. 

For Free File Edition a user needs to meet only ONE of these qualifications:

  •      AGI of $36,000 or less
  •      or active duty military (including Reservists and National Guard) with a military-issued W-2 and a 2019 AGI of $69,000 or less
  •      or eligible for the Earned Income Credit (EIC aka EITC).


The FREE FILE Edition is located at:
https://turbotax.intuit.com/taxfreedom

How to switch and start over in Free file Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition

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