If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state purchase price paid. We will not represent you before the IRS or state tax authority or provide legal advice. Audit Support Guarantee – Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2022 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax for the current 2022 tax year and, for individual, non-business returns, for the past two tax years (2021, 2020).(TurboTax Online Free Edition customers are entitled to payment of $30.) This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back – Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state purchase price paid.This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax. 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.Whichever way you choose, get your maximum refund guaranteed. Just answer simple questions, and we’ll guide you through filing your taxes with confidence. Or you can get your taxes done right, with experts by your side with TurboTax Live Assisted.įile your own taxes with confidence using TurboTax. Let an expert do your taxes for you, start to finish with TurboTax Live Full Service. And if the lender capitalized (increased the principal loan balance) for unpaid accrued interest, you calculate the portion that's deductible each year in the same way as the origination fee. Dividing the origination fee by the number of years you have to pay off the loan gives you the amount you can treat as student loan interest each year. You can include a portion of this fee as deductible interest. Only loans you took out before September 1, 2004, however, should have box 2 checked.Īn origination fee is typically a percentage of your loan that's withheld from the disbursed funds. If Box 2 of Form 1098-E is checked, it means that the amount reported in Box 1 doesn't include the loan's origination fees and/or any capitalized interest. We’ll ask you questions in plain English, handle all the calculations, and put all of your answers on the appropriate tax forms. When you use TurboTax to prepare and file your taxes, you don’t need to do any of these calculations on your own. ![]() Your MAGI is essentially your adjusted gross income (AGI) with certain deductions added back in. ![]() If you're married filing separately, or for 2022 if your modified adjusted gross income, or MAGI, is $85,000 or more if filing single or $175,000 if married filing jointly, you can't deduct any student loan interest. To qualify, the interest payments you make during the year must be on a student loan that you took out to put yourself, your dependents or spouse through school. This means you don't have to itemize your deductions to take it. The student loan interest deduction is taken as an adjustment when calculating your adjusted gross income, or AGI. The amount you see in box 1 reflects your total interest payments for the year. If you have several student loans with the same lender, the financial institution applies the $600 threshold amount to the total interest paid on all of your loans you may get a separate Form 1098-E for each loan, though. ![]() Your student loan lenders are required to send you Form 1098-E only if you paid at least $600 in student loan interest during the year.
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