How to Deduct Student Loan Interest to Save On Taxes

[@fishincognito]

Question - If I get a 1098-E in my name as parent for my child’s student loan. but I no longer claim my child as a dependent - can either one of us take the deduction on our returns?

[@first9299]

Yes assuming this is a parent plus loan that you took in your name the student loan belongs to you even though it was to fund your child's education.

[@ManaAndhra-o5y]

Wonderful info!!

[@sugar-pill]

What's the difference between 1098-T and 1098-E? I have the 1098-T. And, what if you just attended college during the pandemic (no W-2)? Thank you

[@first9299]

The 1098T reports how much payments the school received and how much scholarships and grants you received. The 1098E reports how much student loan interest you paid during the year. While you are a student it is likely you have not yet gone into repayment on your student loans so you would not get a 1098E.

[@emilyacoxpsychic]

I just got that form after I paid off a student loan debt and mine says $19,600! Can I hire an attorney to get me that full amount since there’s some kind of $2500 cap?!

[@howtomedicalvideos6597]

yes the IRS will make an exception for you if you hire an attorney

[@EMVelez]

@@howtomedicalvideos6597Lol