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June 3, 2019
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I entered my student loan debt interest tax info (which was over $1k) , but it didn't affect the money I was getting back, it just stayed the same. is there a reason why?

  • June 3, 2019
  • 1 reply
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The interest I paid on my student loan debt was over a thousand dollars, according to my tax 1098 form. When I entered this information it didn't change my total tax refund amount. Is there a reason why? 

Best answer by KittyM

The ticker on your return is only an estimate of your refund / balance due and may or may not change in response to any single entry on your return.  There are many reasons why your 1098-E may not yet be obviously affecting your return.  For instance, it is subject to income phaseouts.

To look at your return and see if it is reported, choose Tax Tools while you are in your Federal return.  Then choose Tools and View Tax Summary.

Then you can choose Preview my 1040, which is under 2017 Taxes.  Your Student Loan Interest Deduction (if any) will appear on Line 33 of your Form 1040 (Line 18 of 1040A).


1 reply

KittyMAnswer
Employee
June 3, 2019

The ticker on your return is only an estimate of your refund / balance due and may or may not change in response to any single entry on your return.  There are many reasons why your 1098-E may not yet be obviously affecting your return.  For instance, it is subject to income phaseouts.

To look at your return and see if it is reported, choose Tax Tools while you are in your Federal return.  Then choose Tools and View Tax Summary.

Then you can choose Preview my 1040, which is under 2017 Taxes.  Your Student Loan Interest Deduction (if any) will appear on Line 33 of your Form 1040 (Line 18 of 1040A).