The student loan interest deduction is taken as an adjustment when calculating your adjusted gross income, or AGI. This means you don't have to itemize your deductions to take it.
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. If you're married filing separately, or for 2014 if your modified adjusted gross income, or MAGI, is $80,000 or more if filing single or $160,000 if married filing jointly, you can't deduct any student loan interest. Your MAGI is essentially your total income minus the other adjustments you take, except for the tuition, student loan and domestic production activities deductions.
When you use TurboTax to prepare and file your taxes, you don’t need to do any of these calculations on your own. We’ll ask you questions in plain English, handle all the calculations, and put all of your answers on the appropriate tax forms.