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I took out a PLUS (Parent Loan for Undergraduate Students) to help my daughter pay her college expenses. How can I claim the student loan interest deduction on my federal tax return?

April 26, 2017college daughter federal tax help loan parent pay Plus student loan students undergraduate

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I took out a PLUS (Parent Loan for Undergraduate Students) to help my daughter pay her college expenses. How can I claim the student loan interest deduction on my federal tax return?

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You will need either a 1040 or 1040A form for your federal income tax return. You also will need a 1098-E form which you should receive from your lender (The 1098-E form is called a Student Loan Interest Statement.) To calculate the amount you may claim as a deduction, use the information provided on the 1098-E form along with your own student loan interest records. If you have questions about the time periods of your repayment, deferment or forbearance, contact your lender, servicer, guarantor or secondary market. You also may want to consult a tax advisor to verify or help with your calculations.