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Level 2
posted Apr 23, 2020 1:25:57 PM

TurboTax free edition and Interest deductions

Hi.

 

Please I need help with two questions.

 

Question 1 - Does the turbotax free option have a feature for student loan interest deduction?

 

Question 2 - Considering that I have student loan interest deduction, should I standardize or itemize my deductions when using the free file option? 

 

Thanks in advance!

0 2 564
1 Best answer
Level 15
Apr 23, 2020 1:33:41 PM

  1. No, the TurboTax Free online edition does not support a student loan interest entry,  you have to upgrade to the Deluxe edition.
  2. The student loan interest is entered on the federal tax return as an adjustment to income.  Using either the standard or itemized deductions are not relevant.

Use the TurboTax Free File program if you are eligible - https://freefile.intuit.com/
If you are eligible you can use the TurboTax Free File Program which is free to file both a federal and state tax return. The Free File Program edition is a full featured personal tax program and on a separate website from the TurboTax online editions.

 

To qualify for free 2019 federal and state tax returns with the Free File Program, you'll need to meet at least one of these requirements:

  • A maximum 2019 adjusted gross income (AGI) of $36,000; or
  • You qualify for the Earned Income Tax Credit (EITC); or
  • You served as active duty military (including Reservists and National Guard) with a maximum 2019 AGI of $69,000 (you'll also need a military-issued W-2).

See this TurboTax support FAQ on the Free File Program - https://ttlc.intuit.com/questions/1900583-what-is-the-turbotax-free-file-program

See this TurboTax support FAQ for the difference between the Free File Progam and the Free edition - https://ttlc.intuit.com/questions/2572617-what-s-the-difference-between-free-file-program-and-free-e...

And see this TurboTax support FAQ on how to switch to the TurboTax Free File Program - https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-free-file-program

2 Replies
Level 15
Apr 23, 2020 1:33:41 PM

  1. No, the TurboTax Free online edition does not support a student loan interest entry,  you have to upgrade to the Deluxe edition.
  2. The student loan interest is entered on the federal tax return as an adjustment to income.  Using either the standard or itemized deductions are not relevant.

Use the TurboTax Free File program if you are eligible - https://freefile.intuit.com/
If you are eligible you can use the TurboTax Free File Program which is free to file both a federal and state tax return. The Free File Program edition is a full featured personal tax program and on a separate website from the TurboTax online editions.

 

To qualify for free 2019 federal and state tax returns with the Free File Program, you'll need to meet at least one of these requirements:

  • A maximum 2019 adjusted gross income (AGI) of $36,000; or
  • You qualify for the Earned Income Tax Credit (EITC); or
  • You served as active duty military (including Reservists and National Guard) with a maximum 2019 AGI of $69,000 (you'll also need a military-issued W-2).

See this TurboTax support FAQ on the Free File Program - https://ttlc.intuit.com/questions/1900583-what-is-the-turbotax-free-file-program

See this TurboTax support FAQ for the difference between the Free File Progam and the Free edition - https://ttlc.intuit.com/questions/2572617-what-s-the-difference-between-free-file-program-and-free-e...

And see this TurboTax support FAQ on how to switch to the TurboTax Free File Program - https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-free-file-program

Returning Member
Apr 27, 2020 12:32:15 PM

In other words, its a total bait and **bleep**ing switch