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posted Apr 8, 2024 3:37:42 PM

1098e we cosigned a loan with our daughter. The 1098e has her name. when i enter it, it says i can't becuase her name is on it. im confused

We cosigned on loans with our daughters.  they are dependants of ours.  Do we enter the 1098e on our taxes?  

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2 Replies
Level 10
Apr 8, 2024 3:54:11 PM

@kpb1234  You can claim the deduction if all of the following apply:

  • You paid interest on a qualified student loan in tax year 2023;
  • You're legally obligated to pay interest on a qualified student loan;
  • Your filing status isn't married filing separately;
  • Your MAGI is less than a specified amount which is set annually;2023, the amount of your student loan interest deduction
    is gradually reduced (phased out) if your MAGI is between
    $75,000 and $90,000 ($155,000 and $185,000 if you file a
    joint return). You can’t claim the deduction if your MAGI is
    $90,000 or more ($185,000 or more if you file a joint return)
  • and
  • Neither you nor your spouse, if filing jointly, were claimed as dependents on someone else's return. Another taxpayer is claiming you as a dependent if they list your name and other required information on page 1 of their Form 1040, 1040-SR, or 1040-NR.

A qualified student loan is a loan you took out solely to pay qualified higher education expenses that were:

  • For you, your spouse, or a person who was your dependent when you took out the loan;
  • For education provided during an academic period for an eligible student; and
  • Paid or incurred within a reasonable period of time before or after you took out the loan.

 If married, the spouse must also have been a U.S. citizen or resident alien for the entire tax year. For information about nonresidents or dual-status aliens, please see International taxpayers.

Here is a Q&A by the IRS if you can claim it.  

https://itap1.for.irs.gov/owda/0/investigate/StudentLoanInterest_ITA/en-US/ScreenOrder~Main~qs%242fb488c1-dcb9-463c-bf15-5eddda5eb684%24global%24global

 

Do not enter yes if there are any questions if in anothers name as it is in yours ultimately.

Level 15
Apr 8, 2024 5:36:58 PM

Enter the 1098-E, as if your name was on it.  Lying to TurboTax to get it to do what you want does not constitute lying to the IRS. 

You can claim the interest deduction, if you meet the three requirements:

  1. You paid the interest
  2. You are legally obligated to pay it (co-signing counts)
  3. The student was your dependent, at the time the loan was used to pay for qualified educational expenses