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Nesseva

cant find federal line 319 interest paid on student loan

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Hi Nesseva,

Interest paid on a student loan
Enter the amount of interest paid on student loans that you have not yet deducted. You can enter the interest for the current year and any interest on loans carried forward from previous years.

For Quebec residents, enter the unclaimed amount from previous years on the line "Interest paid on student loans in prior years and not claimed - Quebec (Schedule M)"

Please consult both your federal and Quebec notices of assessment to determine the amount you can claim from previous years.

To enter the amount of interest paid on student loans, please follow the steps below:

1. In the "Left-side menu on the Interview tab", select the "Interview setup".


2. Then, on the page that appears on your right, go to the "Student" group, check the box for "Education, tuition, textbooks, student loans" and click on "Next" at the bottom of the page.


3. Return to the "Left-side menu on the Interview tab", select the "Tuition, education, student loans" and, on the right-hand side, choose the option "Interest paid on your student loan (line 319)".


4. On the page that appears, enter the amount you paid to your bank on the line "Interest paid on a student loan in 2017".


5. If you want to limit the amount of interest paid and carry forward the remainder to another year, enter the amount claimed this year on the line "Limit the amount of student loan interest claimed."


6. For residents of Quebec, if you want to claim or limit your amount, click on the "Maple leaf" icon located to the right of the line to generate a new field for the Quebec amount. Then, enter the amount for Quebec. This box will only appear if you have previously entered the federal amount.

The unused portion can be carried forward to be used in future years. The program will report this information in the "Summary of carryforward amounts" in the "Tax return" tab.

The program will claim the deduction this year on line 319 of Schedule 1 of your federal return.

For Quebec residents, Schedule M will be generated and the amount will be carried over on line 385 of the Quebec return.

For more information, please consult this CRA link:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/319-eng.html

For Quebec, consult the following link:

http://www.revenuquebec.ca/en/citoyen/credits/pret_etudiant/default.aspx
 

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