Thanks @Hal_Al!
@medling
@DG813
Yes, the 1099Q may be used for student loan interest deduction. This is almost a niche area. First, families with 529 college savings plans are limited to withdrawing up to $10,000 tax-free for use toward qualified education loans. Also note that the $10,000 limit is per lifetime, per person.
Second, the principal and interest go into the Apprenticeship and Education Loan Smart Worksheet. This uses the full amount and the principal only amounts in different calculations. See How do I preview my TurboTax Online return before filing? to view your own.
Finally, the income limitations. Which is where the deductible student loan worksheet comes into play. The worksheet asks:
Total interest paid, limits it to $2,500 then compares your income and limits the amount of interest allowed.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
