topic I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction? in Education

I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

T-guru — Sun, 02 Feb 2020 16:51:27 GMT

Re: I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

Bsch4477 — Sun, 02 Feb 2020 16:57:43 GMT

The loan must be a qualified student loan for the benefit of you, your spouse, or your dependent. Loans from a qualified employer plan don't count, nor do private loans from family or friends.

Re: I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

T-guru — Sun, 02 Feb 2020 17:00:00 GMT

thanks Bsch4477,

what is considered a quaified loan?

this loan was strictly used for tuition.

Re: I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

Bsch4477 — Sun, 02 Feb 2020 17:03:05 GMT

There is a good discussion of this here:

https://support.taxslayer.com/hc/en-us/articles/360015900671-What-is-a-qualified-student-loan-

Re: I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

T-guru — Sun, 02 Feb 2020 17:40:25 GMT

thank you!

My son did recive a 1098-e and the loan is in his name. I am the co-signer and claim him as a dependent.

can i claim the 1098-E or does he?

Re: I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-o...

LinaJ2020 — Sun, 02 Feb 2020 18:47:08 GMT

You can claim if you have met two of the following requirements in order to claim:

You paid interest on a qualified student loan in the tax year 2019;
You're legally obligated 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
You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.

For more information, click here:https://www.irs.gov/taxtopics/tc456

Re: I have a private loan to cover tuition for my son.I am a co-signer. I make monthly interest-only payments on the loan. Are these payments eligible for the deduction?

Bsch4477 — Sun, 02 Feb 2020 19:10:00 GMT

You do. Since he is your dependent he can’t claim it.