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Jacy
Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience:  Nine years individual income tax preparation and consulting
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How do I claim the interest I pay on my daughters student

Resolved Question:

How do I claim the interest I pay on my daughter's student loan? I am the Comaker on the loan, the bills come to me, I pay them, but the form 1098E only has my daughter's name on it. How can I claim the deduction for the interest I am paying?
Submitted: 3 years ago.
Category: Tax
Expert:  Jacy replied 3 years ago.

Hello,

 

Regardless of who's name is XXXXX XXXXX 1098E, you may claim the deduction if the following applies:

 

1. You were legally obligated to make the interest payments

2. You actually made the payments during the year AND

3. You claim your daughter as a dependent

 

In addition, the deduction is capped at $2,500 and will be phased out if your Modified Adjusted Gross Income is $60,000 - $75,000 (Single, Head of Household) or $120,000 - $150,000 (Married Joint).

 

Thank you for your question,

 

Jacy

 

 

Customer: replied 3 years ago.
I cannot claim my daughter as a dependent but I am still making the payments.
Customer: replied 3 years ago.
Relist: Incomplete answer.
This answer doesn't hit my situation as my daughter is not a dependent because she is too old and is working. But how do I do I clsim the tax deduction for th interest I have paid on the student laon because I am the Comaker on the loan - I am legally obligated to pay for it - they send the bills to me.
Expert:  Jacy replied 3 years ago.

Hello,

 

If your daughter was your dependent when you originally borrowed the money, then you are allowed to take the deduction.

 

Thanks again,

 

Jacy

Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience: Nine years individual income tax preparation and consulting
Jacy and 6 other Tax Specialists are ready to help you

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