I CAN"T ENTER AMOUNT OF MY 1098-E DEDUCTION. I CAN ENTER NAME OF THE LENDER BUT AMOUNT SHOWS UP AS $0 WHEN I SUBMIT. TRIED SEVERAL TIMES & ALSO DELETE &ADDED NEW LINE.
I CAN"T ENTER AMOUNT OF MY 1098-E DEDUCTION. I CAN ENTER NAME OF THE LENDER BUT AMOUNT SHOWS UP AS $0 WHEN I SUBMIT. TRIED SEVERAL TIMES & ALSO DELETE &ADDED NEW LINE.
There is no known issue in this part of the software at this time. Since your entries in TurboTax didn't calculate a student loan interest deduction, please verify the qualifications in your return. Instructions follow:
How much can I deduct?
You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year.
The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status.
The phaseout range based on MAGI is:
Single, HOH, and QW phaseout range is $70,001 to $84,999
MFJ phaseout range is $140,001 to $169,999
Therange of MAGI eliminating the deduction is:
Single, HOH, and QW filing status eliminates the deduction at $85,000 or more
MFJ filing status eliminates the deduction at $170,000 or more
Your MAGI is the AGI on line 11 of the tax return figured without taking into account any amount on Schedule 1 (Form 1040), line 20 (student loan interest deduction) or line 21 (if used for the tuition and fees deduction.
Qualifications:
You can claim the deduction if all of the following apply:
You paid interest on a qualified student loan in tax year 2020.
You can take the deduction as a student, or as a parent making payments on your dependent student’s loan. However, you or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.
No one else is claiming you as a dependent on his or her tax return.
You're legally obligated to pay interest on a qualified student loan.
Your filing status isn't married filing separately.
Your MAGI is less than a specified amount, which is set annually.
A qualified student loan is a loan you took out solely to pay qualified higher education expenses