Education

The program entry is the name and interest paid. The student loan deduction is capped at $2,500 per taxpayer or $5,000 for MFJ. The tax form, Schedule 1, shows only the interest paid on line 21. Enter your student loan interest up to $2,500, for you.

The worksheet incudes the lenders name, borrower information, prior year interest paid and this year's interest. There is no place for the value of the loan on the worksheet or schedule.