topic Re: Student loan interest? in Deductions & credits

Student loan interest?

ljmeck — Wed, 17 Mar 2021 17:16:02 GMT

why can't I report student loan interest?

Re: Student loan interest?

DoninGA — Wed, 17 Mar 2021 17:18:39 GMT

To enter student loan interest paid -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Education
On Student Loan Interest Paid (Form 1098-E), click the start or update button

Or enter student loan interest in the Search box located in the upper right of the program screen. Click on Jump to student loan interest

Re: Student loan interest?

xmasbaby0 — Wed, 17 Mar 2021 17:18:58 GMT

Are you the one legally obligated to pay the loan? Are you filing marred filing separately? or are you someone else's dependent? do you exceed the income limits to claim the interest?

STUDENT LOAN INTEREST

Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you did not sign or co-sign for the loan you cannot deduct the interest.

You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.

The student loan interest deduction can reduce your taxable income by up to $2500

There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -

•If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.

•If your filing status is married filing joint, then the phaseout beings at $130,000 until $160,000, after which the deduction is eliminated entirely.

Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2020 (Form 1098E)

Look on your 2020 Schedule 1 line 20 to see your student loan interest deduction

Re: Student loan interest?

ljmeck — Wed, 17 Mar 2021 17:39:37 GMT

Turbotax is not letting me fill in the loan interest amount. I know I can because, I have been doing it for years.

I get a message that says, "The IRS is still working on finishing up the student loan interest deduction area (Form 1040, Schedule 1) for 2020. This means that the area isn't quite ready yet."

This is frustrating. I have been ready to finish up for weeks, now.

Re: Student loan interest?

DoninGA — Wed, 17 Mar 2021 17:42:27 GMT

@ljmeck wrote:

Turbotax is not letting me fill in the loan interest amount. I know I can because, I have been doing it for years.

I get a message that says, "The IRS is still working on finishing up the student loan interest deduction area (Form 1040, Schedule 1) for 2020. This means that the area isn't quite ready yet."

This is frustrating. I have been ready to finish up for weeks, now.

That section of the program has been available for at least two months.

Update your software to the latest release. For a Windows PC click on Online and click on Check for Updates.

The current software version for Windows TurboTax is 020.000.1654. Click on Help, About TurboTax, Version