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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: 5 years ago.
Category: Tax
Expert:  Jacy replied 5 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 5 years ago.
I cannot claim my daughter as a dependent but I am still making the payments.
Customer: replied 5 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 5 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

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