After you file
Before going through the process of amending your return to claim the student loan interest deduction, be aware that this deduction is phased out above a certain Modified Adjusted Gross Income level (MAGI). For the purpose of the student loan interest deduction, the MAGI is your Adjusted Gross Income (AGI) without taking into account the student loan interest. In your case, take a look at the AGI on your originally filed return and compare it to the following information:
If you fall outside of the phaseout range there will be no need to amend your return to include the student loan interest. It will have no effect on your taxes.
To learn more, see IRS Publication 970.
