No, that is not correct. You can deduct up to $2,500 from your income but there is no Form 1098-E Student Loan Interest carryforward.
How much can I deduct?
- You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year.
- The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status.
Read the full TurboTax FAQ: Can I claim my student loan?
