MonikaK1
Expert Alumni

Get your taxes done using TurboTax

It depends. If you're currently paying off a student loan, you may get Form 1098-E in the mail from each of your lenders. Your lenders have to report how much interest you pay annually. Student loan interest can be deductible on federal tax returns, but receiving a 1098-E doesn't always mean you're eligible to take the deduction. See this article for more information.

 

When you enter the 1098-E information in TurboTax, it will determine whether the student loan interest (not the payment) is deductible.

 

Enter the mortgage interest information from Forms 1098 and TurboTax will determine how much is deductible.

 

When you refinance a mortgage that was treated as acquisition debt, the new mortgage is also treated as acquisition debt up to the balance of the old mortgage. The excess over the old mortgage balance not used to buy, build, or substantially improve your home could previously qualify as home equity debt. For tax years prior to 2018, interest on up to $100,000 of that excess debt may be deductible under the rules for home equity debt. Beginning in 2018, only the amount of a home loan that is used to buy, build, or improve your home qualifies for the interest deduction. See this article and this one for more information.

 

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