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Returning Member
posted Feb 1, 2020 6:38:16 PM

1098-E can i claim it

Am I able to claim the interest on my daughter student lone if I'm the co-signer on this loan and paying the interest

0 4 1085
4 Replies
Employee Tax Expert
Feb 1, 2020 6:57:40 PM

Yes you can.

 

If you meet all of the following requirements, you can claim the student interest deduction:

  • Legally obligated to pay interest on the loan
  • Parent making payments on your dependent student's loan
  • Paid interest on a qualified student loan in 2019
  • Not using the Married filing separate status
  • Meet the modified adjusted gross income limits

The input for the student loan interest would go under the Federal section.

  1. Select "Deductions & Credits"
  2. Select "Education"
  3. Select "Student Loan Interest Paid (Form 1098-E).

 

See the attached for additional information:

 

Student loan interest deduction

Returning Member
Mar 27, 2020 11:33:20 AM

So as the co-signer I understand that I can deduct my dependant son's student loan interest -  I have been making interest payments for him.  However, I am not listed on the 1098-e, it only has his name on it, and Turbo Tax tells me I cannot claim it.  So how to claim it?

Returning Member
Mar 27, 2020 11:34:49 AM

Once again, I am legally able to claim it, all our circumstances match, but the 1098 is in his name and TurboTax won't allow me to add it 😕

Expert Alumni
Mar 27, 2020 12:15:01 PM

@mamao7 You are the cosignor so you are the borrower, mark your name as borrower, enter the lender and interest paid. Continue on.

 

You do qualify according to the IRS, Topic No. 456 Student Loan Interest Deduction | Internal ...