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prestonjl13
New Member

Family paid for me to further my education in 2017. Been making monthly payments to family member since then. How do I report the payments I've been making?

 
2 Replies
DoninGA
Level 15

Family paid for me to further my education in 2017. Been making monthly payments to family member since then. How do I report the payments I've been making?

Personal loan payments are not reported on a tax return.  Have you been making any interest payments for this loan?
KrisD
Intuit Alumni

Family paid for me to further my education in 2017. Been making monthly payments to family member since then. How do I report the payments I've been making?

The payments and interest (if any) is not deductible. 

According to the IRS:

"Loans from the following sources aren't qualified student loans.

•A related person.

•A qualified employer plan."

The education expenses you paid for with these loans would be treated as paid by you and claimed for a possible education credit on your (or the person that claimed you) tax return. The expenses would be claimed the year they were paid. 

If you paid in 2017, but did not claim the expenses on your 2017 tax return, you may consider filing an amended 2017 return. 

https://www.irs.gov/pub/irs-pdf/p970.pdf

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