I have a private loan to cover tuition for my son....
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Level 1

I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

 
6 Replies
Level 15

I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

The loan must be a qualified student loan for the benefit of you, your spouse, or your dependent. Loans from a qualified employer plan don't count, nor do private loans from family or friends.

Level 1

I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

thanks Bsch4477,

 

what is considered a quaified loan?

 

this loan was strictly used for tuition.

Level 15

I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

Level 1

I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

thank you!

 My son did recive a 1098-e and the loan is in his name.  I am the co-signer and claim him as a dependent.

can i claim the 1098-E or does he?

Employee Tax Expert

I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

 

You can claim if you have met two of the following requirements in order to claim:

 

  • You paid interest on a qualified student loan in the tax year 2019;
  • 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; and
  • You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.

For more information, click here:https://www.irs.gov/taxtopics/tc456

 

 

 

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Level 15

I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

You do.  Since he is your dependent he can’t claim it.  

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