I co-signed student loans through Sallie Mae for my now ex-wife. She hasn’t made a payment since March 2024. I have made every payment since to keep my credit protected.
It’s my understanding that I can claim the interest on my taxes since I’ve been the sole payer.
As an aside, she was ordered to make tge payments, and she’s currently in contempt…..but, I still have to pay in the meantime.
If you co-signed then you can deduct the interest that YOU paid for her student loan. We cannot advise you as to how to get her to pay her loan herself. That is a legal issue; we cannot give legal advice.
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 co-signed then you are legally obligated to pay if the primary borrower defaults or does not pay. If you did not sign or co-sign for the loan you cannot deduct the interest.
WHERE DO I ENTER STUDENT LOAN INTEREST
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 -
You cannot deduct student loan interest if you can be claimed as a dependent or if you file as married filing separately
There are phaseout amounts that are set for income levels according to your filing status, such as single, head of household, qualified surviving spouse or married filing jointly.
If you co-signed then you can deduct the interest that YOU paid for her student loan. We cannot advise you as to how to get her to pay her loan herself. That is a legal issue; we cannot give legal advice.
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 co-signed then you are legally obligated to pay if the primary borrower defaults or does not pay. If you did not sign or co-sign for the loan you cannot deduct the interest.
WHERE DO I ENTER STUDENT LOAN INTEREST
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 -
You cannot deduct student loan interest if you can be claimed as a dependent or if you file as married filing separately
There are phaseout amounts that are set for income levels according to your filing status, such as single, head of household, qualified surviving spouse or married filing jointly.