topic Student Loan Interest in After you file

Student Loan Interest

mdentino4 — Fri, 01 May 2020 21:07:00 GMT

I filed and got my tax returns in February 2020. However, I just received a notice from my student loan company that the amount on my 1098-E was incorrect. The amount I entered initially was almost a thousand dollars less than what they say I actually paid in interest. Does this affect what tax money I got back and should I amend my tax documents?

Re: Student Loan Interest

macuser_22 — Fri, 01 May 2020 21:26:06 GMT

It may or may not depending if you had taxable income on the 1040 line 11b. The student loan can only reduce your AGI and the taxable income in turn and if the taxable income is already zero then it cannot be reduced further.

Amended returns can only be mailed. It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it.

See this TurboTax FAQ for detailed amend instructions:
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

You can check the status of the amended return here, but allow 3 weeks after mailing.

https://www.irs.gov/filing/wheres-my-amended-return

Re: Student Loan Interest

DavidS127 — Fri, 01 May 2020 21:33:14 GMT

It depends. First, check the amount on Schedule 1, Part II, line 20 of your tax return. If that amount is $2,500, you've already deducted the maximum amount, and filing an amended return with the corrected 1098-E will not change our taxes.

If the amount on Schedule 1, Part II, line 20 is less than $2,500, then check the amount on line 11b of Form 1040. If that taxable income is more than zero, filing an amended tax return will reduce your taxable income or increase your refund. But, don't make any changes to what you have entered in TurboTax until you have started the amendment process. Click this link for instructions on how to file an amended return with TurboTax.

To find the PDF of your filed tax return:

Sign in to your TurboTax account.
Select Documents from the navigation when it appears.
Use the drop-down menu at the top of the screen to choose the tax year you want and then select Download PDF.