Q. Can I add student loan interest (1098-E) for my dependent son to my tax return?
A. Probably Not.
For you to do so, there are three requirements:
1. You must have actually paid it
2. You must be legally obligated to pay it
3. He must have been your dependent at the time the loan money was used for education.
If the loan is totally in the student's name, you are not obligated to pay it. If you co-signed, then you are obligated and can deduct the interest you paid.
It is not necessary that he be your dependent, on the current year return. But, he must have been your dependent at the time the loan money was used for education.
Thank you. Yes, I co-signed the loan and I am claiming him as a dependent on my taxes. Interestingly, TurboTax didnt prompt to ask that question about co-signed student loan.