To enter student loan interest in your TaxACT return:
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.