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Can I claim college expenses and tuition if I have taken loans out and used a large portion of my work money? But also with the support of my parents

I paid a chunk of my tuition with money I had in my savings account from working and had to take out loans through my school (not the bank). My parents are currently helping me with the monthly payments but smaller expenses such as books, supplies, food, gas, health, and personal are from my wallet. Do these expenses qualify as college expenses

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PatriciaV
Expert Alumni

Can I claim college expenses and tuition if I have taken loans out and used a large portion of my work money? But also with the support of my parents

Yes, if your education expenses otherwise qualify (see below), you may be eligible for an education credit/deduction, regardless of the source of the funds used to pay the expenses.

If you paid tuition, you should receive Form 1098-T from your school. Contact your school if you have not received this form by mid-February.

Note: If your parents claim you as a dependent on their tax return, be sure they are not also reporting your education expenses. You cannot claim these expenses on your return if someone else is reporting the same expenses.

About qualified education expenses:

https://ttlc.intuit.com/replies/3300629

How to enter your education expenses in TurboTax:

https://ttlc.intuit.com/replies/5044839

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