Your parents may claim the education credit(1098-T) if they are claiming you as dependent.
As dependent, you cannot claim student loan interest(1098-E) and education credit(1098-T)
Your parents may claim the student loan interest depending on how the loan is set up:
- If the debt is in parent's name, parents can claim the deduction if they paid it.
- If it's in your name, but parent paid it, you can claim the interest as long as the conditions below are met (being claimed as a dependent is not met in your situation).
- If your name is on the student loan and parents pays it AND claims you as a dependent, then NEITHER of you can claim the student loan interest deduction.
You can only deduct student loan interest if all of the following apply:
- You paid interest on a qualified student loan in tax year 2015
- You are legally obligated to pay interest on a qualified student loan
- Your filing status is not married filing separately
- Your MAGI is less than a specified amount which is set annually, and
- You or your spouse, if filing jointly, cannot be claimed as dependent
