Can I claim deductions from interest paid on student loans as the co-signer? I am the only person making payments and did not receive form 1098-E (not primary borrower).

Forum|Forum|4 years ago
April 5, 2022
2 replies
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I do not have immediate access to from 1098-E, being as the primary borrower is no longer in contact with me, but my layperson's understanding of the tax code and information on Discover Student Loans' FAQ seem to suggest I can manually calculate the amount of interest I paid in 2021 using statements and deduct it when I file my taxes.

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Hal_Al

Employee

Q. Can I claim deductions from interest paid on student loans as the co-signer?

A. Yes. You can claim the deduction from your own records (statements).

One condition is: the student must have been your dependent at the time the loan money was used for education.

MinhT1

Yes, if you are the co-signer of a student loan and you actually repaid the loan, you can claim the student loan interest deduction. Your problem is ascertaining the actual amount of interest paid. However the deduction is limited to $2,500.

Please read this IRS document for more information.

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lucas-scott-robiAuthor

Further context I failed to include that might affect the answer: I don’t believe the primary borrower would have been considered a dependent at the time the loans were taken out. The person in question is a former partner, and I don’t recall what their income was at the time the loans were taken out.

DawnC

Employee

If you have never claimed your partner as dependent, you would not be eligible to take that credit. A qualified student loan is a loan you took out solely to pay qualified higher education expenses that were:

For you, your spouse, or a person who was your dependent when you took out the loan.
For education provided during an academic period for an eligible student.
Paid or incurred within a reasonable period of time before or after you took out the loan.

For general state-specific questions, click here to find your state’s Department of Revenue.

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