I fill out my 1098-T form and it's stating that I am not eligible. Im claimed as a dependent on my parents tax return but the loan I took out was in my name. What do I do

[KrisD · Accepted solution]

Only the person that claims the student's exemption can report the 1098-T and apply for an education credit. Give the 1098-T to your parents and let them report the 1098-T and apply for the credit. If there is more tax-free assistance (scholarships) than expense, you, the student, would report the excess as income. 

When you start to pay down the loans, you may be able to deduct the interest. 

When you are no longer a dependent, you may report any 1098-T's you recieve on your return. 

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