Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
cpower7
New Member

Can I claim the student loan interest deduction for payments I made if i am a co-borrower on the loan

I am a co-borrower on my sons student loan.  I am the only person making payments, he has not made any.  My name is on the loan and I am responsible for it so can I deduct the interest I have been paying.  His name is on the 1098-E. 

1 Best answer

Accepted Solutions
Marketstar
Level 7

Can I claim the student loan interest deduction for payments I made if i am a co-borrower on the loan

You can deduct student loan interest if:

  • You paid interest on a qualified student loan in tax year 2015

  • You are legally obligated to pay interest (ie. you are a co-signer) on a qualified student loan

  • Your are not filing Married Filing Separate

  • Your Modified Adjusted Gross Income is less than a specified amount which is set annually, and

  • You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return.


View solution in original post

4 Replies
Marketstar
Level 7

Can I claim the student loan interest deduction for payments I made if i am a co-borrower on the loan

You can deduct student loan interest if:

  • You paid interest on a qualified student loan in tax year 2015

  • You are legally obligated to pay interest (ie. you are a co-signer) on a qualified student loan

  • Your are not filing Married Filing Separate

  • Your Modified Adjusted Gross Income is less than a specified amount which is set annually, and

  • You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return.


cpower7
New Member

Can I claim the student loan interest deduction for payments I made if i am a co-borrower on the loan

does this apply to 2016 payments? does the program determing if the modified AGI applies? Thanks!
Marketstar
Level 7

Can I claim the student loan interest deduction for payments I made if i am a co-borrower on the loan

Yes and yes, the program will notify you if your Modified Adjusted Gross Income is too high.
kenkros
New Member

Can I claim the student loan interest deduction for payments I made if i am a co-borrower on the loan

How does this get entered in the program if the student is no longer a dependent?
Dynamic AdsDynamic Ads
Privacy Settings
v