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April 11, 2022
Question

If was claimed as a dependent on taxes and was not given a deductible for my student loan that I currently pay on, can I find out how much I didn't receive?

  • April 11, 2022
  • 2 replies
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My mom claimed me as a dependent on her taxes because I live in her house and at the time went to college. I am no longer going to school and am paying a large sum every month to pay off my student loans but did not get a deduction on my taxes due to being claimed. Can I find out how much money I would have gotten if I wasn't claimed?

2 replies

April 11, 2022

You can create another TurboTax account and create a return based on not indicating you can be claimed as a dependent and claiming the student loan interest deduction.  Don't try and file that return.

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Employee
April 11, 2022

Remember that the deduction for paying student loans is only for the interest you paid, not the principal.   Going forward, if you are not a student in 2022 and you are paying your student loan payments yourself, you will be able to use it on your tax return.  If you have income over $4300 and are not a student you cannot be claimed as a dependent.

 

And.....entering the interest reduces the amount of your income that you pay tax on.   It is not a refund.

 

 

STUDENT LOAN INTEREST

Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you co-signed then you are legally obligated to pay if the primary borrower defaults or does not pay.    If you did not sign or co-sign for the loan you cannot deduct the interest.

 

You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.

The student loan interest deduction can reduce your taxable income by up to $2500

There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -  

•If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.

•If your filing status is married filing joint, then the phaseout beings at  $130,000 until $160,000, after which the deduction is eliminated entirely.

 Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2021 (Form 1098E)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Employee
April 11, 2022

Q. Can I find out how much I didn't receive?

A.  Round numbers:  The amount of student loan interest you coulda deducted ($2500 maximum) times your marginal tax rate (12% for most people).  Example $2500 x 12% = $300 Tax savings.  That assumes you had at least a $300 tax liability (line 16 of form 1040).