Question
Student Loan Interest
Client has 2 dependents in college. Dependents have loans that parent cosigned. Parent paid interest on loans. Interest is reported under dependent ss number. As I read IRS instructions parents are entitled to deduct interest as they paid it, cosigned loans and students are still dependents.
When I enter info on student loan worksheet and choose "someone else" instead of taxpayer or spouse, the amount I entered for interest disappears.
Any ideas of a work around or am I doing something wrong. Thanks!
