Student Loan Interest Deductions, 1098-e

Forum|Forum|7 years ago
June 6, 2019
1 reply
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If my parents took out a student loan for me but I make all of the payments, can I deduct the Student Loan Interest received by the lender? Thank you.

TurboTax Deluxe Online

Irene2805

Level 15

Maybe. According to IRS Pub. 970 - Tax Benefits for Education:

Generally, you can claim the deduction if all of the following requirements are met.

Your filing status is any filing status except married filing separately.
No one else is claiming an exemption for you on his or her tax return.
You are legally obligated to pay interest on a qualified student loan.
You paid interest on a qualified student loan.

If we assume that you are not married, and you said that you paid the interest, the questions are:

Are your parents claiming you as a dependent on their return?
Are you legally obligated on the loan?

If the answer to #1 is No and #2 is Yes, then you can claim the interest.

Instructions for entering student loan interest are contained in the following FAQ:

https://ttlc.intuit.com/replies/4801974

For more information you can go to IRS Pub. 970 - Tax Benefits for Education.

Student Loan Interest Deductions, 1098-e

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