To report student loan interest in the TaxAct® program, go to our Form 1098-E - Entering Student Loan Interest in Program FAQ.
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 Student Loan Interest Statement that lists your total interest payments to that lender. If your modified adjusted gross income (MAGI) is below $80,000 ($165,000 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 on page 31 of IRS Publication 970 Tax Benefits for Education. TaxAct will automatically calculate the amount you are eligible to deduct.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.