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1098 E amount I listed ($2885) TT said I could deduct $2500 but my refund amount went lower by over $600 Why? Why did my refund go down? It was interest paid!
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If you paid the interest, then you can deduct up to $2,500.
To input it:
1. Click Federal on the left-hand side menu.
2. Click Deductions & Credits across the top.
3. Scroll down to Education and click Show more.
4. Click Start or Revisit by Student Loan Interest Paid (Form 1098-E).
You say your refund goes down though. Try looking at your return twice, first without the interest in that section, then with it. It's possible that you may have had some credits decrease. To check:1. Go to Tax Tools on the left-hand side.
2. Go to Tools.
3. Go to View Tax Summary.
4. Click Preview my 1040 from the
left-hand side.
Your credits are on page 2. Look at them before AND after; hopefully you'll get an explanation.
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