topic Can I claim a 1098E of a parent plus loan which is under my father's name but I make all the payments? in Education

Can I claim a 1098E of a parent plus loan which is under my father's name but I make all the payments?

zbernhard — Tue, 30 Mar 2021 21:18:21 GMT

The loan is in my father's name but I make monthly payments

Re: Can I claim a 1098E of a parent plus loan which is under my father's name but I make all the ...

JoannaB2 — Tue, 30 Mar 2021 21:43:15 GMT

Yes, your parents may claim the loan interest deduction on a Parent Plus loan : The student loan interest deduction reported on form 1098-E is an adjustment to income up to $2,500 under income limitation - If you're married filing separately, or for 2020 if your modified adjusted gross income, or MAGI, is $85,000 or more if filing single or $170,000 if married filing jointly, you can't deduct any student loan interest. Your MAGI is essentially your adjusted gross income (AGI) with certain deductions added back in.

Re: Can I claim a 1098E of a parent plus loan which is under my father's name but I make all the payments?

Hal_Al — Tue, 30 Mar 2021 22:14:08 GMT

No. In order the claim the deduction you must actually pay it and be legally responsible for paying it. So, unless you are a co-signer, only your father can deduct it. He cannot deduct it, even though he didn't pay it under the theory that you paying is actually a gift to him, and he therefore paid it with his money.