Posts Tagged ‘benefits’
Deductible Credit
March 7th, 2008
Question: Can A Dependent Claim Tax Deductible Interest on Their Return?
I turned 23 in September of 2008. After graduating college I moved out of my parents house in November. They are claiming me as a dependent because I lived at home, but they’ve told me they get to claim my Tax Deductible Interest on student loan payments that I made because I’m a dependent.
I have over $700 in tax deductible interest, and it doesn’t make sense that I paid the bills and they get the tax credit? Can someone explain how this works?
Answer: If it is your loan, you get to deduct the interest. If it is their loan, they get to deduct the interest. It is simple – just look at whose name and SSN is on the 1098-E.
They might be thinking about the education credits (hope and lifetime learning). That is how they work: whoever gets the exemption for the student also gets the credit. The student loan interest does not work like that.
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United Way of St. Francois County sets record in holiday campaign
The United Way of St. Francois County is celebrating a record year at its Wishing Wells. Donations to the holiday bell-ringing campaign were up 30 percent.
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