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July 15, 2020
Question

We didn't get a 1098 and our interest was less than 600

  • July 15, 2020
  • 1 reply
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March 24, 2021

You will not receive a Form 1098-E if you paid less than $600 in student loan interest. You can still claim the deduction.

  • Enter the amount from your statements in TurboTax.
  • Type 1098e in Search in the upper right
  • Select Jump to 1098e
  • Add another 1098-E if your existing lender is not showing up
  • Enter the lender’s name and amount

Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntarily pre-paid interest payments. 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.

 

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