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Get your taxes done using TurboTax
Even if your name is not on the 1098-E form, then you can take the deduction because you are a co-signer. This makes you obligated to pay the loan amount. Select 'yourself' in the 1098-E section and enter the interest amount.
You can claim the deduction if all of the following apply:
- You paid interest on a qualified student loan in tax year 2017;
- You can take the deduction as a student, or as a parent making payments on your dependent student’s loan. However, you or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.
- You're legally obligated (co-signer) 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
A qualified student loan is a loan you took out solely to pay qualified higher education expenses that were:
- For you, your spouse, or a person who was your dependent when you took out the loan;
- For education provided during an academic period for an eligible student; and
- Paid or incurred within a reasonable period of time before or after you took out the loan.
https://ttlc.intuit.com/questions/1901536
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June 4, 2019
12:19 PM