https://ttlc.intuit.com/community/college-education/discussion/my-student-loan-interest-for-2018-was-5-053-92-however-the-student-loan-interest-deduction-on-line/01/845957#M21935 Wed, 28 Aug 2019 02:38:03 GMT tlbrockman13 2019-08-28T02:38:03Z https://ttlc.intuit.com/community/college-education/discussion/my-student-loan-interest-for-2018-was-5-053-92-however-the-student-loan-interest-deduction-on-line/01/845957#M21935 Wed, 28 Aug 2019 02:38:03 GMT https://ttlc.intuit.com/community/college-education/discussion/my-student-loan-interest-for-2018-was-5-053-92-however-the-student-loan-interest-deduction-on-line/01/845957#M21935 tlbrockman13 2019-08-28T02:38:03Z https://ttlc.intuit.com/community/college-education/discussion/re-my-student-loan-interest-for-2018-was-5-053-92-however-the-student-loan-interest-deduction-on/01/845983#M21936 <P class="p1"><SPAN class="s1"><STRONG>STUDENT LOAN INTEREST</STRONG></SPAN></P> <P class="p2"><SPAN class="s1">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.<SPAN class="Apple-converted-space">&nbsp; </SPAN>If you did not sign or co-sign for the loan you cannot deduct the interest.</SPAN></P> <P class="p2"><SPAN class="s1">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.</SPAN></P> <P class="p2"><SPAN class="s1">The student loan interest deduction can reduce your taxable income by up to $2500</SPAN></P> <P class="p3"><SPAN class="s1">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 - &nbsp;</SPAN></P> <P class="p4"><SPAN class="s1"> • 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.</SPAN></P> <P class="p4"><SPAN class="s1"> • If your filing status is married filing joint, then the phaseout beings at&nbsp;&nbsp;$130,000 until $160,000, after which the deduction is eliminated entirely.</SPAN></P> <P class="p2"><SPAN class="s1"> Enter the interest you paid for your student loan by going to Federal&gt;Deductions and Credits&gt;Education&gt;Student Loan Interest Paid in 2018 (Form 1098E)</SPAN></P> Wed, 28 Aug 2019 03:20:31 GMT https://ttlc.intuit.com/community/college-education/discussion/re-my-student-loan-interest-for-2018-was-5-053-92-however-the-student-loan-interest-deduction-on/01/845983#M21936 xmasbaby0 2019-08-28T03:20:31Z https://ttlc.intuit.com/community/college-education/discussion/re-my-student-loan-interest-for-2018-was-5-053-92-however-the-student-loan-interest-deduction-on/01/847417#M21944 <P>TurboTax (TT) will prepare a Student loan interest deduction worksheet to show the phase out (reduction) in the deductible amount.</P> <P>The allowable deduction percentage is calculated on the $2500 maximum, not the $5053.92 you paid.</P> Mon, 02 Sep 2019 12:28:59 GMT https://ttlc.intuit.com/community/college-education/discussion/re-my-student-loan-interest-for-2018-was-5-053-92-however-the-student-loan-interest-deduction-on/01/847417#M21944 Hal_Al 2019-09-02T12:28:59Z