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April 21, 2020
Question

Correction after filing

  • April 21, 2020
  • 1 reply
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I received a correction on the interest amount paid on my student loan after I filed/received my refund. How do I handle this? 

    1 reply

    April 23, 2020

    To correct the amount of student loan interest you paid after you have filed your return and it has been accepted, you will need to file an amended return.  

     

    However, before deciding to do so, take a look at the return that you have already filed and see what amount of student loan interest you were claiming.  This will be shown on Form 1040 Schedule 1 line 20. 

     

    If there is $0 shown on that line, then your income may be too high to allow you to claim any student loan interest and filing an amended return will likely have no effect on your bottom line.  

     

    If there is $2500 shown on that line, then you have reached the maximum amount of student loan interest that can be claimed.  If your corrected form shows additional interest, there would be no effect on your return to file an amended return.  If your corrected form shows less interest, then check to see if the change would result in your falling below the $2500 maximum and file an amended return if it would.  

     

    If there is some amount between $0 and $2500 shown on that line, then an amended return should be completed to make the correction.  

     

    In case you need it, here is the instructions for filing an amended return:  How do I amend my 2019 TurboTax Online return?

     

     

    @Jziel78

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