The loan is in my son's name and under his social security number, but he is unable to make the payments. He is not claiming the deduction on his tax return. I make all the payments.
You can enter the interest you paid on the student loan if you are the co-signer ---or do you have some disqualifying reason like filing married filing separately--or is your income too high?
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
I am filing married filing jointly and our joint income is under $70,000. When I am on the tax site and it asks who's name it is under, I click "someone else's", because it is in my son's name, which is not on the tax return because he is no longer a qualified dependent. Turbotax will not give a credit for it. Any hints?