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New Member
posted Feb 23, 2024 10:45:13 AM

1098E and 1098T - JOINT FILING

If my spouse and I file married jointly, can I get credit for her 1098T as well as my 1098E interest in the filing?

 

What are the qualifications and credits?

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1 Replies
Expert Alumni
Feb 23, 2024 10:58:24 AM

Possibly. In order to claim any education credits or student loan interest, one of the criteria is that if you are married you would have to file a joint return.  If you and your wife meet the criteria below, then yes, you can claim both an education credit and your student loan interest expense on your return as a married couple filing jointly.

 

In order to claim the Student Loan interest, you also must be legally obligated to pay the interest and have paid the interest.  As a married couple, your MAGI must be less than $155,000 to take the full deduction and less than $185,000 to take a gradually reduced deduction. 

 

As for education credits: The qualifications of the credits are below:

 Lifetime Learning Credit

  • You can take this for an unlimited number of years
  • Twenty percent of expenses up to $2,000
  • Non-Refundable meaning this can reduce the amount of taxes you owe, but if your tax liability is less than the LLC, your tax will be reduced to $0 and the rest of the credit is lost. 
  • Cannot be claimed as a dependent on any one else's return
  • As a Married couple, your income must be below $160,000 for the full credit and below $180,000 for a partial credit

American Opportunity Tax Credit.

  • Available for the first 4 years of college
  • Max amount is $2,500 per student
  • Partially refundable credit meaning if your tax liability is $0, 40% (up to $1,000) is refundable
  • Be enrolled in a degree or credential seeking program
  • Not have a felony drug conviction
  • Be enrolled at least half time
  • cannot be claimed as a dependent on anyone else's return.
  • As a Married couple, your income must be below $160,000 for the full credit and below $180,000 for a partial credit

 

Tax Deductions for Voluntary Interest Payments on Student Loans

What Are Education Tax Credits