Student loan interest

Forum|Forum|5 years ago
June 19, 2020
2 replies
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How come when I added my student loan tax I did not see an increase in my return? I paid over $3000 just in interest?

TurboTax PLUS Online

AnnetteB6

If you did not see a change in your bottom line when you entered your student loan interest, then you are most likely within or above the phase-out range for the student loan interest deduction. As your income increases, the amount of student loan interest that can actually be deducted decreases until it is no longer deductible at all.

See the following TurboTax article for more details: Can I claim my student loan?

Also, see the chart below for more details about the phase out ranges.

@AliD

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AliDAuthor

Thank you for the info. I made well below the magi(?) And the $3000 was the interest only...i paid thousands all together.

I am concerned Turbo Tax plus did not calculate this correctly but i cant get a live human to helo me amend or review.

SusanY1

Another common reason to not see a change after entering a deduction that you qualify for is that you already have $0 tax and the item (such as student loan interest) doesn't generate a refundable credit.

You can check your return to see if this might be the case as well by looking at either Line 16 of your tax return (if you've already filed) or the Total Tax line in your Tax Summary online.

To view your Tax Summary, Click on Tax Tools, Tools, View Tax Summary.

If you have already submitted and filed your return, you can find a copy of it in Documents or Print Center.

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