I paid interest on college son's student loan. I received 1098-E. But TurboTax says I can't take the deduction b/c loan is in his name. He can't take the deduction (yes, he had a job and paid taxes) b/c he's our dependent. Does that sound right?
You'll need to sign in or create an account to connect with an expert.
A parent can take the deduction only if they are personally liable for the loan. This means that Stafford, Perkins, PLUS Graduate Loans, and all other educational loans students take out for themselves will not be deductible for a parent because the student is the borrower
-follow this link for more information on 1098-E-
Makes sense. Yet my son can't take the deduction b/c I claim him as a dependent. So the interest goes "nondeductible." Disappointing.
Yes, it is unfortunate. You could take the interest deduction if you had co-signed on the loan - then you would have a 'legal obligation' to pay the debt.
You can claim the deduction if all of the following apply:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Ret28
New Member
carolynpaine
New Member
carolynpaine
New Member
Patwilson3134
New Member
Dchackert
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.