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D
dtothej
May 10, 2021
Question

My dad's SSN is on the 1098 E school interest statement. My name is on the 1098 E. Who can take the interest deduction?

  • May 10, 2021
  • 2 replies
  • 0 views
My dad's SSN is on the 1098 E school interest statement. My name is the same as dads on the 1098 E.
Who can take the interest deduction?

2 replies

T
ThomasM125
May 11, 2021

The student is the only one who can deduct the student loan interest.

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Hal_Al
Hal_Al
Employee
May 11, 2021

There are two requirements to deduct the interest:

1. You actually paid it

2. You are legally obligated to pay it

 

If the parent co-signed the loan, then both of you are legally obligated to pay it.  So, the one who actually paid it gets the deduction.  The name and SS# on the form 1098-T does not change those rules. 

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