in Education
My daughter is 24 and is in grad school part time I am trying to add the student loan and it says I am not eligible?
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You can claim the deduction if all of the following apply:
A qualified student loan is a loan you took out solely to pay qualified higher-education expenses that were:
Please see this link for more details: Can I claim my Student Loan?
What do you mean by "add the student loan".
In order to claim the student loan interest deduction, you must have actually paid the interest and you must be legally obligated to do so. So, if you were neither the principal on the loan or a co-signer, you may not claim the deduction.
If you are trying to enter student loan payments of tuition, so that you can claim the tuition credit: Turbotax is no interested in whether you paid tuition with loans or out of pocket. You may not claim the tuition credit if your daughter is not your dependent. It is harder for a student 24+ to be a dependent.
There are two types of dependents, "Qualifying Children"(QC) and standard ("Qualifying Relative" in IRS parlance even though they don't have to actually be related). There is no income limit for a QC but there is an age limit, student status, a relationship test and residence test. Only a QC qualifies a taxpayer for the Earned Income Credit. Since your daughter is over 24, she can not be a QC.
A person can still be a Qualifying relative dependent, if not a Qualifying Child, if he meets the 6 tests for claiming a dependent:
In either case:
She has an existing loan that I am cosigner on. In addition I cosigned for another loan to cover the 2019 school year
You are eligible to take the student loan interest deduction. If TT is saying you aren't, check your answers to the interview.
Her current charges for the 2019 school year are in addition to the loan interest (separate loan) how can I claim those?
You may only claim her educational expenses (for a tuition credit or deduction), if your daughter qualifies as your dependent.
Assuming she does, In TurboTax (TT), enter at:
Federal Taxes Tab (Personal for H&B version)
Deductions & Credits
-Scroll down to:
--Education
--Education Expenses
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