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Why couldn't I claim student loan interest 2016?

Forum|Forum|7 years ago
June 6, 2019
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I had student loan interest on a 1098-e in the amount of 920.04. I was able to claim the standard deduction but the student loan interest wasn't added in to my deduction series. I thought student loan interest was always claimed as a deduction. Why wasn't I able to claim it this year?

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Best answer by PeterM

The deduction for Student Loan Interest paid is independent of the Standard or Itemized Deductions. Those deductions are reflected on Line 40 of Form 1040 and Schedule A (if you itemized).

However, the Student Loan Interest deduction shows up on Line 33 of Form 1040.

You can claim the deduction if all of the following apply:

You paid interest on a qualified student loan in tax year 2016;
You're legally obligated to pay interest on a qualified student loan;
Your filing status isn't married filing separately;
Your modified adjust gross income is less than a specified amount which is set annually( $80,000 or ($160,000 if filing a joint return)); and
You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.

P

PeterMAnswer

Employee

The deduction for Student Loan Interest paid is independent of the Standard or Itemized Deductions. Those deductions are reflected on Line 40 of Form 1040 and Schedule A (if you itemized).

However, the Student Loan Interest deduction shows up on Line 33 of Form 1040.

You can claim the deduction if all of the following apply:

You paid interest on a qualified student loan in tax year 2016;
You're legally obligated to pay interest on a qualified student loan;
Your filing status isn't married filing separately;
Your modified adjust gross income is less than a specified amount which is set annually( $80,000 or ($160,000 if filing a joint return)); and
You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.