topic Is a grad school loan considered "paid by the students own funds" for 1098T tax purposes? I can claim child for one more year (split undergrad / grad year). in Education

Is a grad school loan considered "paid by the students own funds" for 1098T tax purposes? I can claim child for one more year (split undergrad / grad year).

howardkathryn — Sun, 09 Feb 2020 20:14:25 GMT

Re: Is a grad school loan considered "paid by the students own funds" for 1098T tax purposes? I can claim child for one more year (split undergrad / grad year).

Hal_Al — Sun, 09 Feb 2020 20:29:02 GMT

Whether your student is a grad student or undergrad has no bearing on whether you can claim him as a dependent or not. A student is a student, whether high school, college or grad school. What matters is age and support. The student must be under 24 on 12/31/19 and must not have provided more than half his own support for the year.

Student loans (grad or undergrad) are counted as "paid by the students own funds" , unless you co-signed the loan.

You can claim the more generous American Opportunity credit , for one more year (split undergrad / grad year), assuming you have claimed less than 4 times before. You may only count the undergrad expenses.

Re: Is a grad school loan considered "paid by the students own funds" for 1098T tax purposes? I can claim child for one more year (split undergrad / grad year).

djarvis88 — Fri, 20 Mar 2020 00:08:13 GMT

So when we're talking about student loans, in the student's name (no co-signer), being received by the student to pay for grad school, this amount counts towards the student's "self-support"?

Or is it when they start making payments towards said loans when it counts is "self support"?

Re: Is a grad school loan considered "paid by the students own funds" for 1098T tax purposes? I can claim child for one more year (split undergrad / grad year).

Hal_Al — Fri, 20 Mar 2020 00:21:45 GMT

Answered at your other post. https://ttlc.intuit.com/community/college-education/discussion/re-grad-school-dependent/01/1338171#M30565

It counts as the student's "self-support", when the money is spent on support, not when they start making payments towards said loans.