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Education & Work-Related Expenses

Question: Last year, my parents took out a student loan for me in their name and I also took out a student loan. My parents received Form 1098-E for their loan and I also received Form 1098-E for my loan. Can we both claim the interest from the loans on our tax returns? Last year, I was not their dependent.

Answer:

  • Since you were not your parents' dependent when they took out the student loan, the interest they paid on the loan does not qualify for the student loan interest deduction.
  • The student loan interest payments you made on the student loan you took out on your behalf are eligible for the student loan interest deduction, provided all the other requirements are met.

In order for a taxpayer to claim a deduction for student loan interest, the loan must be incurred for the taxpayer, the taxpayer's spouse, or a person who was the taxpayer's dependent when the taxpayer took out the loan.
 

Additional Information:


Category: Itemized Deductions, Standard Deductions
Subcategory: Education & Work Related Expenses

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
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