Why does the the 1098-E submission page always change the amount I input into the interest section?

Forum|Forum|1 year ago
February 22, 2025
1 reply
0 views

whenever i type in the amount of interest onto the 1098-E info page it changes it back to a different number, how do i fix this?

DavidD66

The program may be adjusting your entry due to the limit on the amount of interest you can deduct, and or for your income.

The deduction for interest on student loans is limited to the lesser of $2,500 or the amount of interest you actually paid during the year. As of 2024, the deduction is available to the following filers:

Single filers with MAGIs of $95,000 or less
Married Filing Jointly couples with MAGIs of $195,000 or less

However, the deduction amounts are reduced for:

Single filers with adjusted gross incomes between $80,000 and $95,000
Married Filing Jointly couples with incomes between $165,000 and $195,000

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

leonwyat9543Author

That’s good to know but my interest is only $60.11, and it kept changing it to just $60, I know that it’s only a minor difference, but I don’t want to get arrested for doing my taxes wrong. and if it’s because the tax returns only accept whole numbers for the interest that’s fine, but it would be nice to know so I’m not panicking about going to jail for inputting the wrong number

AmyC

Employee

The IRS requires the program software to round everything when it is submitted to the IRS. So, if you are seeing a rounded number, that is fine. The program has quite a few places where it goes ahead and does the rounding.

Your official tax return submitted to the IRS is all whole dollar amounts.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"