To enter student loan interest in your TaxACT return:

1. From within your TaxACT return (Online or Desktop) click on the Federal Q&A tab
2. Click Education to expand the category, then click Student loan interest
3. The program will proceed with the interview questions for you to enter or review the appropriate information

You may be able to deduct student loan interest you paid. If you paid a lender more than $600 in interest, you should receive a Form 1098-E that lists your total interest payments to that lender.

If your modified adjusted gross income (MAGI) is below $80,000 ($160,000 if filing a joint return), you can deduct from your taxable income up to $2,500 of interest paid. For exceptions and additional information, see Student Loan Interest Deduction in IRS Publication 970. TaxACT will automatically calculate the amount you are eligible to deduct.