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Why do I not see the full $2210 (max is $2500) in interest paid on student loans added to my federal refund?

Forum|Forum|7 years ago
June 3, 2019
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I dont see an itemized list of what is being deducted, just a total but it looked like only $300 was added to the refund with the addition of the the student loan, shouldnt I get the whole $2210 paid in interest?

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Best answer by SweetieJean

You can deduct up to $2,500 of student loan interest paid in a given year. As with many tax rules, there is an income limit to this deduction.

A deduction is a subtraction from income, before the tax is calculated. It is not a credit or a refund.

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

S

SweetieJeanAnswer

Employee

You can deduct up to $2,500 of student loan interest paid in a given year. As with many tax rules, there is an income limit to this deduction.

A deduction is a subtraction from income, before the tax is calculated. It is not a credit or a refund.

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

X

xmasbaby0

Employee

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 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 fro the Student loan niters 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 2016 (Form 1098E)

Look on your tax form to see your student loan interest deduction:

Form 1040A line 18 or Form 1040 line 33

https://www.irs.gov/help/ita/can-i-claim-a-deduction-for-student-loan-interest

**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.**