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February 5, 2020
Question

Will $415 in student loan interest to file be worth me paying the $40 to upgrade to deluxe to file?

  • February 5, 2020
  • 1 reply
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1 reply

Hal_Al
Employee
February 5, 2020

The answer to all questions about the great American Income tax system is "It depends".

 

For most people, just barely. 415 x 12% (assumed tax bracket) = $50.

 

TurboTax also has another free product called the Free File Edition (not to be confused with the regular Free Edition).  It has free Federal preparation and free State preparation. There is no efiling fee. It is not available after October 15

 

The Free file Edition is more fully-featured than the regular Free Edition.  The Free File Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot.  I can handle a 1098-E (student loan interest)

For Free File Edition a user needs to meet only ONE of these qualifications:

  •      AGI of $34,000 or less
  •      or active duty military (including Reservists and National Guard) with a military-issued W-2 and a 2018 AGI of $66,000 or less
  •      or eligible for the Earned Income Credit (EIC aka EITC).


The FREE FILE Edition is located at:
https://turbotax.intuit.com/taxfreedom

How to switch and start over in Free file Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition