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Question

Can I file a 1098-T if the loan is currently deferred until my child graduates college?

Forum|Forum|3 years ago
April 5, 2023
1 reply
0 views

We received a 1098-T form from my daughter's college, but we have FAFSA/Parent Plus Loans and they are deferred until she graduates. Since we have not made payments towards those loans can we still file the 1098-T form when filing our taxes?

Employee

Q. Can I file a 1098-T if the loan is currently deferred until my child graduates college?

A. Yes. The tuition was paid with your money, so you can claim the tuition credit. The fact that you paid with borrowed money does not change that fact.

Ok. So if it is deferred and I have made zero payments for 2022 I should still file the 1098-t regardless and I will not be penalized?

Employee

Q. So if it is deferred and I have made zero payments for 2022 I should still claim the education credit ("file the 1098-t") regardless and I will not be penalized?

A. Yes.

When you pay back the loan is irrelevant, for claiming the tuition credit. Even if you never pay back the loan, you still get to claim the tuition credit in the year the money was spent on qualified educational expenses.