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Do I need to buy turbotax deluxe if I paid student loan interests in 2018 as it looks like the free version does not include the necessary schedule?

 
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2 Replies
maglib
Level 11

Do I need to buy turbotax deluxe if I paid student loan interests in 2018 as it looks like the free version does not include the necessary schedule?

I am not a TT employee. Just a user trying to help:

you may qualify to deduct up to $2,500 of student loan interest per return per year. Student loan interest payments are reported both to the Internal Revenue Service (IRS) and to you on IRS Form 1098-E, Student Loan Interest for eduction as an adjustment to income. You don't need to itemize deductions to claim it. 

To qualify, the interest payments you make during the year must be on a student loan that you took out to put yourself, your dependents or spouse through school. If you're married filing separately, or for 2018 if your modified adjusted gross income, or MAGI, is $80,000 or more if filing single or $165,000 if married filing jointly, you can't deduct any student loan interest. Your MAGI is essentially your total income minus the other adjustments you take, except for the tuition, student loan and domestic production activities deductions.

There are many different TT programs....  TT Free edition does not support it. but TTFreedom does.

You can also check out the TurboTax Free File Edition http://www.taxfreedom.com/ is geared towards lower-income filers, regardless of tax return complexity, and is only offered through the IRS Free File Alliance (FFA) program. No upgrades are available.. To qualify to use this program, your income must be $33,000 or less, or $66,000 or less if you are active duty military, or you qualify for Earned Income Credit.  You can click here for more information: https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program.

If you don't qualify for freedom edition and need to upgrade you may want to think about how much tax savings you would possibly have (depends on AGI)  vs. the cost of the upgrade.

TurboTax Free Edition, on the other hand, can be used by higher-income filers but only handles simple returns with no additional schedules. Upgrades and add-ons, such as TurboTax PLUS and Audit Defense, are available.

More detailed info:

https://turbotax.intuit.com/tax-tips/college-and-education/what-is-a-1098-e-student-loan-interest/L8...

To enter which would require an upgrade from free edition: https://ttlc.intuit.com/replies/4801974

**I don't work for TT. Just trying to help. All the best.
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Do I need to buy turbotax deluxe if I paid student loan interests in 2018 as it looks like the free version does not include the necessary schedule?

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