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Education
Yes, you should file Form 1098-E and claim the student loan interest since your daughter was your dependent during 2019. How much it will benefit you to amend prior year returns depends on your tax bracket. The student loan interest deduction is claimed as an adjustment to income which means it lowers your gross income for the year. Therefore, it could lower your taxable income and increase your refund by the amount of tax saved. The maximum amount of student loan interest that can be claimed this year and in previous years is $2,500. So claiming the interest could reduce your income by up to $2,500.
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‎February 24, 2020
5:58 AM
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