Do I have to report Student Loan Interest?

Forum|Forum|5 years ago
March 27, 2021
1 reply
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My Student Loan Interest is under $100. It is saying that I need to upgrade to Deluxe because I have Student Loan Interest. Can I just not report it, since it is so low? I prefer not to upgrade.

TurboTax Free Edition Online

AmyC

Employee

You are not required to report it. It would cost more to upgrade than it would save you. Skip it!

If you are ever audited, pull it out and let them owe you.

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Hal_Al

Employee

No, you do not have to report it. Usually the deduction is worth 12%. so you'll probably lose $12.

TurboTax also has another free product called the Free File Edition (not to be confused with the regular Free Edition). It has free Federal preparation and free State preparation. There is no efiling fee. It is not available after October 15

The Free file Edition can handle a 1099-MISC.

The Free file Edition is more fully-featured than the regular Free Edition. The Free File Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot.

To qualify for free 2020 federal and state tax returns through the IRS Free File Program delivered by TurboTax, you just need to meet one of these requirements:

Your 2020 household AGI is $39,000 or less;
You qualify for the Earned Income Tax Credit (EITC); or
In 2020, you served as active duty military (including Reservists and National Guard) with a maximum AGI of $72,000, and you have a military-issued W-2.

The FREE FILE Edition is located at:
https://turbotax.intuit.com/taxfreedom

How to switch and start over in Free file Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition