Why couldn't I claim student loan interest 2016?

I had student loan interest on a 1098-e in the amount of 920.04. I was able to claim the standard deduction but the student loan interest wasn't added in to my deduction series. I thought student loan interest was always claimed as a deduction. Why wasn't I able to claim it this year?

500

1 Best answer

New Member

Jun 5, 2019 10:32:38 PM

The deduction for Student Loan Interest paid is independent of the Standard or Itemized Deductions. Those deductions are reflected on Line 40 of Form 1040 and Schedule A (if you itemized).

However, the Student Loan Interest deduction shows up on Line 33 of Form 1040.

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 modified adjust gross income is less than a specified amount which is set annually( $80,000 or ($160,000 if filing a joint return)); and
You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.

New Member

Jun 5, 2019 10:32:38 PM

The deduction for Student Loan Interest paid is independent of the Standard or Itemized Deductions. Those deductions are reflected on Line 40 of Form 1040 and Schedule A (if you itemized).

However, the Student Loan Interest deduction shows up on Line 33 of Form 1040.

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 modified adjust gross income is less than a specified amount which is set annually( $80,000 or ($160,000 if filing a joint return)); and
You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.

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Why couldn't I claim student loan interest 2016?