Generally that person's name appears on the loan is who can claim the interest. If your dad's name and social security is on the 1098-E then he would be the one eligible to claim the interest.
Is that still the case if I am the one who is making the payments? It's my dad's name and social security on the 1098-E, but i make the payments. Can my dad still scaim this?
I have the same question. The loan is in my dad's name, but I make the payments. Can I claim the interest? Or should my Dad claim it?
Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you did not sign or co-sign for the loan you cannot deduct the interest.
You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.
The student loan interest deduction can reduce your taxable income by up to $2500
There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -
• If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.
• If your filing status is married filing joint, then the phaseout beings at $130,000 until $160,000, after which the deduction is eliminated entirely.
Enter the interest you paid for your student loan by going to Federal>Deductions and