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What causes an error on Student Loan interest deductions?

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Question
What causes an error on Student Loan interest deductions?

Answer

You can get an error if you have entered a Student Loan Interest Deduction that exceeds $2500. The maximum deductible interest on a qualified student loan is $2,500 per return.

IF your filing status is... AND your MAGI is... THEN your student loan interest deduction is...
single,  
head of household, or qualifying widow(er)
not more than $65,000 not affected by the phaseout.
more than $65,000  
but less than 
$80,000
reduced because of the phaseout.
$80,000 or more eliminated by the phaseout.
married filing joint return not more than $135,000 not affected by the phaseout.
more than $135,000 
but less than $165,000
reduced because of the phaseout.
$165,000 or more eliminated by the phaseout.

 

You are not eligible to claim the deduction if you file as married filing separately, if you are claimed as a dependent, or if the loan is from a related party or a qualified employer plan. For more information, refer to Publication 970, Tax Benefits for Education, Chapter 4; Tax Topic 505, Interest Expense; and Tax Topic 513, Educational Expenses.

How to correct this error: 

From our homepage, click on sign in to access your account.  select the current year return that is rejected.

Next, select the Deductions and Credits tab on the top of the page and scroll to the Student Loan Interest Deduction. Select to revisit the entry to edit or delete the information.  If you have reviewed your return and feel you are entitled to this deduction please contact Customer Service for assistance.

Once you have made your correction you will then save and continue to the end of your return and resubmit.

*We strongly recommend checking the status of your return in 24-48 hours using the Login to My Income Tax Return link to verify that your return has been accepted.


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Article Details
Views: 1315 Created on: Jun 15, 2013
Date updated: Dec 12, 2018
Posted in: Rejections

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