Deductions & credits
You may have been in the wrong 1098 section. If you paid less than $600 in interest to a federal loan servicer during the tax year and do not receive a 1098-E, you may contact your servicer for the exact amount of interest you paid during the year so you can then report that amount on your taxes. If you know the amount and qualify to take the deduction, follow these steps:
- Sign in or open your return
- Search for 1098-e
- Click on the Jump to 1098-e link
- Answer Yes
- On the next screen, enter the lender name and amount of interest
You can claim the deduction if all of the following apply:
- You paid interest on a qualified student loan in tax year 2023;
- You're legally obligated to pay interest on a qualified student loan;
- Your filing status isn't married filing separately;
- Your MAGI is less than a specified amount which is set annually; and
- Neither you nor your spouse, if filing jointly, were claimed as dependents on someone else's return. Another taxpayer is claiming you as a dependent if they list your name and other required information on page 1 of their Form 1040, 1040-SR, or 1040-NR.
A qualified student loan is a loan you took out solely to pay qualified higher education expenses that were:
- For you, your spouse, or a person who was your dependent when you took out the loan;
- For education provided during an academic period for an eligible student; and
- Paid or incurred within a reasonable period of time before or after you took out the loan.
