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Question

Can I claim the $5,250 employer paid student loan interest from the CARES act using turbotax?

Forum|Forum|5 years ago
January 23, 2021
1 reply
0 views

Employer made a $10,000 payment to my loan on March 27th, the first day the tax break went into effect, but deducted taxes for the entire amount.

TurboTax Deluxe Online

Employee

Wait for your W-2. Only $4750 of the $10,000 will (should) be included in box 1 of your W-2. But, all the withholding will be shown in box 2. That will result in you getting a refund of the extra tax withheld.

If you employer makes a mistake, there is no way to claim the $5250 as a deduction on your tax return. You have to contact your employer for a corrected W-2.