Can I add my son's 1098-E interest to my taxes since I made the interest payments but his name is on the form? I tried to add to his taxes but made no difference?

johnstonecrew5 — Sun, 14 Mar 2021 02:09:51 GMT

Re: Can I add my son's 1098-E interest to my taxes since I made the interest payments but his name is on the form? I tried to add to his taxes but made no difference?

xmasbaby0 — Sun, 14 Mar 2021 02:53:53 GMT

Did you co-sign for the loan? If you co-signed then you can use the interest on your own return. If you did not co-sign then you cannot use it.

STUDENT LOAN INTEREST

Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you did not sign or co-sign for the loan you cannot deduct the interest.

You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.

The student loan interest deduction can reduce your taxable income by up to $2500

There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -

•If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.

•If your filing status is married filing joint, then the phaseout beings at $130,000 until $160,000, after which the deduction is eliminated entirely.

Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2020 (Form 1098E)

Look on your 2020 Schedule 1 line 20 to see your student loan interest deduction

Re: Can I add my son's 1098-E interest to my taxes since I made the interest payments but his nam...

MaryM428 — Sun, 14 Mar 2021 18:34:38 GMT

One of the most common misconceptions about the student loan interest deduction is that a parent can claim it for helping make payments on their child's loan. That is not the case. A parent can take the deduction only if they are personally liable for the loan.

Can I Claim My Student Loan?

topic Can I add my son's 1098-E interest to my taxes since I made the interest payments but his name is on the form? I tried to add to his taxes but made no difference? in After you file

Can I add my son's 1098-E interest to my taxes since I made the interest payments but his name is on the form? I tried to add to his taxes but made no difference?

Re: Can I add my son's 1098-E interest to my taxes since I made the interest payments but his name is on the form? I tried to add to his taxes but made no difference?

Re: Can I add my son's 1098-E interest to my taxes since I made the interest payments but his nam...