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Question

Can I list student loan interest amount paid in deductions even if it was below the IRS minimum and didn't receive a 1098-E?

Forum|Forum|6 years ago
April 11, 2020
1 reply
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Employee

There is no IRS minimum for claiming the student interest deduction. There is a maximum of $2500 deduction.

If by minimum, you mean your income is so low that you do not need to file or will owe no tax, then there is no reason to claim the student interest deduction. All it can do is lower your tax, you do not get anything "refunded" to you. If your income tax is already at zero, the additional deduction will do you no good.

If you owe no income tax, but are subject to self employment tax (SET), the student loan interest deduction can not help you with SET.