Student Loan Interest is not an itemized deduction. It's a deduction from income.
- If the student and the parent have both signed the Student Loan documents, meaning, both are obligated to pay the student loan back, then either can claim the Student Loan Interest.
- Generally, the person whose tax return it benefits more may claim it.
There are qualifications to deduct Form 1098-E Student Loan Interest. You can claim the deduction if all of the following apply:
- You paid interest on a qualified student loan in tax year 2019.
- You can take the deduction as a student, or as a parent making payments on your dependent student’s loan. However, you or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.
- You're legally obligated to pay interest on a qualified student loan.
- Your filing status isn't married filing separately.
- Your MAGI is less than a specified amount, which is set annually.
Here's how to enter your student loan interest in TurboTax.
Source: TurboTax FAQ
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