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Level 4

Question

Form 1098-T

Forum|Forum|4 years ago
January 26, 2022
1 reply
0 views

Another question for form 1098-T. Where should I record Federal loan( as a payment) amount taken by my daughter for educational expenses ?

Alumni - Intuit

You don't claim the loan itself, but the interest you paid during the year. However, only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest.

For more information please check Can I claim my student loan?

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taxmen2021Author

Level 4

Thank you Maya. I have talked to a tax prepare and he told, that I can include the loan amount as a payment on my return for daughter's educational expenses.

Alumni - Intuit

Yes. Eligible expenses can be deducted whether they were paid out-of-pocket or through a student loan.

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