I had a student loan consolidation and received a 1098-E. Since I did not actually pay this interest, do I still report it?

Forum|Forum|6 years ago
June 4, 2019
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TurboTax Deluxe Online

Best answer by MargaretL

Yes, you can report the student loan interest on a consolidated loan. When you consolidated - you paid off the accrued interest on the loans, and this portion is deductible. The maximum deduction is up to $2500.

MargaretLAnswer

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beachbum2456Author

Thank you, I have been on hold for over 50 minutes with Turbotax waiting for that simple answer of yes or no. Thank you for your prompt response!

AnnetteB6

It is best practice to enter your tax forms into TurboTax just as you received them.

So, in your case, you would enter the number reported on Form 1098-E even though it does exceed $2500.00. The program will then apply the adjustment limitation of $2500.00 on your return.

@BrianaMcElroy

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