I cosigned my daughters student loan can I claim the interest for it if she is my dependent?

[Melaine · Accepted solution]

Yes, since you are the cosigner that means your are legally obligated to repay the loan and you can also deduct the 1098-E for your dependent on your tax return.

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

• You paid interest on a qualified student loan in tax year 2016
• You are legally obligated to pay interest on a qualified student loan
• Your filing status is not married filing separately
• Your MAGI is less than a specified amount which is set annually, and
• You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return

Please see the following IRS link for more information: https://www.irs.gov/taxtopics/tc456.html

In TurboTax when you enter the 1098-E, please select the box for yourself as the "borrower."

[Edited 1/28/2017]

[ronrodrigues79]

so the 1098 E form has her name on it. but when I go to put the information into my tax return it only shows mine and my husbands name to select. what do I do?

[HollyP]

Please see the last line of the edited answer for further instructions.

[bab2020]

Additionally: We know that if the full-time student child is 24 years or older at the end of the tax year, that immediately disqualifies them as a dependent. However, the parents can still pay loan interest, and claim the loan interest deduction for loans that originated when the child qualified as a dependent. See IRS Topic Number 456 - Student Loan Interest Deduction. Note the part about, "... or a person who was your dependent when you took out the loan..."