topic qualified student loan in Get your taxes done using TurboTax

qualified student loan

bob42986 — Thu, 26 Mar 2020 22:17:25 GMT

I am to the last step with filing my taxes and it wants me to fix this. It states: Check this Entry; Schedule M1SLC:qualified student loan should be greater then 0 and it wants me to enter a qualified student loan amount. I am paying on a student loan, but I have been out of school since 2016 (no new loans)

Re: qualified student loan

MarilynG1 — Thu, 26 Mar 2020 22:36:50 GMT

You can claim a dollar-for-dollar deduction for any Student Loan Interest you paid, up to $2,500.

Your Lender should send you a Form 1098-E with the amount of interest you paid, but you can still claim it without the form if you know the amount.

Click this link for info on Student Loan Interest.

Re: qualified student loan

bob42986 — Thu, 26 Mar 2020 23:13:58 GMT

Thank you! yes i entered the information for 1098-E already. Turbo tax is wanting me to check an entry, but I can’t figure what they are ultimately looking for. “Schedule M1SLC: qualified student loan should be greater then 0. then it wants me to enter amount

Re: qualified student loan

MarilynG1 — Thu, 26 Mar 2020 23:21:24 GMT

Ok, you are in your Minnesota return.

Enter the Amount of Student Loan Interest you paid.

Click this link for more info on M1SLC.

Re: qualified student loan

LorrieK — Mon, 11 Apr 2022 21:32:03 GMT

I'm having the same issue. I'm entering the amount of the student loan i paid and it's not letting me go forward. Can someone please help me?

Re: qualified student loan

MarilynG — Mon, 11 Apr 2022 22:53:09 GMT

Are you in your Federal return or your State return? Do you mean that you can't click on 'Continue' after entering your Student Loan Interest?

If you can clarify, we'll try to help.

@LorrieK

Re: qualified student loan

IRS1 — Tue, 12 Apr 2022 03:27:11 GMT

I think we're having the same issue. After completing everything and getting ready to file (starting with the screenshot below):

I get this message:

and it brings me here (screenshot below):

In my case, I enter $5,000

And am greeted with this:

Clicking "Continue" brings me right back here:

Where on the federal return should this information be entered? I don't remember TurboTax asking about the total qualified loan amount while going through federal return.

Just for fun, I tried "File by Mail" but that also ended up just looping me back to the same screen.

Re: qualified student loan

wein1830 — Tue, 12 Apr 2022 03:32:57 GMT

This happened to me - delete your MN return and re-enter all info, leaving out the student loan payment amount. Just select "no qualifying payments."

Re: qualified student loan

IRS1 — Tue, 12 Apr 2022 03:36:28 GMT

Thank you for the reply!

Would doing that mean I'd miss out on the credit? To be honest, I'm not really sure how the credit would affect me if I added it on or not

Re: qualified student loan

DMarkM1 — Tue, 12 Apr 2022 15:02:46 GMT

You are correct selecting "NO" when asked about a qualifying student loan in the MN credits section will disqualify you from the "Student Loan credit."

Having said that, the error/loop you are in is likely being caused by your payment amount on the student loan for 2021 not exceeding the floor 10% of your adjusted gross income. That means you would not be getting the credit.

You can verify this when the error screen shows up in the review. You can scroll in the "form" presented in the middle of your screen. Check the amount in line 5 on that M1SLC. If it is zero or below (negative number), then you will not qualify for the credit.

Revist the MN state interview "Credits" section, the "Student Loan Credit" topic and answer "No" to the qualifying loan question and that should clear the error and allow the efile.