CMW7
New Member

Cannot Deduct Student Loan interest

My MAGI is less than $85K in 2019, why cannot I deduct the student loan interest I paid?

Get your taxes done using TurboTax

Student Loan Interest Paid is not a deduction, it is an Adjustment to Income.

 

To enter student loan interest paid -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Education
  • On Student Loan Interest Paid (Form 1098-E), click the start or update button

Or enter student loan interest in the Search box located in the upper right of the program screen. Click on Jump to student loan interest

CMW7
New Member

Get your taxes done using TurboTax

Thank you for response.

My tax Refund, both Federal and State don't change after I entered the student loan interest I paid (totaling $7300 in 2019). 

 

System sent a message “ It looks like your income is too high to get the student loan interest deduction on your federal taxes” 

Is that correct? what’s the rule to get student loan interest deduction? 

 

Thank you!

CMW7
New Member

Get your taxes done using TurboTax

Thank you for response.

My tax Refund, both Federal and State don't change after I entered the student loan interest I paid (totaling $7300 in 2019). 

 

System sent a message “ It looks like your income is too high to get the student loan interest deduction on your federal taxes” 

Is that correct? what’s the rule to get student loan interest deduction? 

 

Thank you!

Get your taxes done using TurboTax


@CMW7 wrote:

Thank you for response.

My tax Refund, both Federal and State don't change after I entered the student loan interest I paid (totaling $7300 in 2019). 

 

System sent a message “ It looks like your income is too high to get the student loan interest deduction on your federal taxes” 

Is that correct? what’s the rule to get student loan interest deduction? 

 

Thank you!


The maximum Student Loan Interest that can be used as an Adjustment to Income is $2,500

 

If you file as single or head of household or qualifying widow(er), you'll lose part of the deduction if your adjusted gross income (AGI) is more than $70,000. If your AGI is $85,000 or more, you can't take the deduction.

 

If you are married filing jointly, you'll lose part of the deduction if your adjusted gross income (AGI) is more than $140,000. If your AGI is $170,000 or more, you can't take the deduction

 

Your filing status can't be married filing separately