cookie414
Returning Member

1098-E can i claim it

Am I able to claim the interest on my daughter student lone if I'm the co-signer on this loan and paying the interest

JotikaT2
Employee Tax Expert

Education

Yes you can.

 

If you meet all of the following requirements, you can claim the student interest deduction:

  • Legally obligated to pay interest on the loan
  • Parent making payments on your dependent student's loan
  • Paid interest on a qualified student loan in 2019
  • Not using the Married filing separate status
  • Meet the modified adjusted gross income limits

The input for the student loan interest would go under the Federal section.

  1. Select "Deductions & Credits"
  2. Select "Education"
  3. Select "Student Loan Interest Paid (Form 1098-E).

 

See the attached for additional information:

 

Student loan interest deduction

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mamao7
Returning Member

Education

So as the co-signer I understand that I can deduct my dependant son's student loan interest -  I have been making interest payments for him.  However, I am not listed on the 1098-e, it only has his name on it, and Turbo Tax tells me I cannot claim it.  So how to claim it?

mamao7
Returning Member

Education

Once again, I am legally able to claim it, all our circumstances match, but the 1098 is in his name and TurboTax won't allow me to add it 😕

AmyC
Expert Alumni

Education

@mamao7 You are the cosignor so you are the borrower, mark your name as borrower, enter the lender and interest paid. Continue on.

 

You do qualify according to the IRS, Topic No. 456 Student Loan Interest Deduction | Internal ...

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