College deduction help needed
My son is in his first year of college. He received several different scholarships, got a Stafford Loan for some of tuition and a Sallie Mae loan for the remaining tuition. He does not start paying on loans until he graduates.So nothing has been paid on any loan. The Sallie Mae loan is in his name & us the parents as cosigners. What deductions can be made? Who takes them? He will not be filing a tax return since he did not earn enough. Does he have to claim tuition or do we? Do we have to claim the scholarships?
I usually do our taxes but this is all new to me. First class they should teach in college is how to figure out your taxes.Also would it be better to pay the intrest on the loans to deduct for next year or let them ride until he graduates?
Thanks for any help or suggestions.