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Can I claim student loan interest if I am the co signer and make payments? I am legally liable for this loan.

Can I claim student loan interest if I am a co signer and legally liable and I make payments, but my daughter is not my dependent?
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6 Replies
Hal_Al
Level 15

Can I claim student loan interest if I am the co signer and make payments? I am legally liable for this loan.

Yes. As long as your daughter was your dependent at the time the loans were used to pay tuition and other qualified expenses, including room & board.

Can I claim student loan interest if I am the co signer and make payments? I am legally liable for this loan.

Yes you can.    Your daughter does not have to be your dependent in order for you to get the deduction if you are legally obligated to pay and you made the payments.

 

STUDENT LOAN INTEREST

Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest.  If you did not sign or co-sign for the loan you cannot deduct the interest.

You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.

The student loan interest deduction can reduce your taxable income by up to $2500

There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -  

•If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.

•If your filing status is married filing joint, then the phaseout beings at  $130,000 until $160,000, after which the deduction is eliminated entirely.

 Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2020 (Form 1098E)

Look on your 2020 Schedule 1 line 20 to see your student loan interest deduction

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
ALLEN82
New Member

Can I claim student loan interest if I am the co signer and make payments? I am legally liable for this loan.

I makes regular payments on my granddaughter student loan that I cosigned. can I deduct the interest on my taxes?

Can I claim student loan interest if I am the co signer and make payments? I am legally liable for this loan.

@ALLEN82 Is -- or was-- your granddaughter a dependent on your tax return?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
ALLEN82
New Member

Can I claim student loan interest if I am the co signer and make payments? I am legally liable for this loan.

CAN I CLAME DAY CARE PAYMENTS THAT I PAY FOR MY GRANDDAUGHTER SHE IS NOT MY DEPENDENT?

Can I claim student loan interest if I am the co signer and make payments? I am legally liable for this loan.

@ALLEN82 No.   Only the custodial parent can claim the childcare credit.   You gave a gift to someone--which is not deductible.   The parent who needed daycare so they could work might be able to get a credit for the childcare.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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