Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
jpinto57
New Member

I can not claim Parent Plus Federal Student Loan interest because I have too high of an annual income. Can my son claim the interest?

 
1 Best answer

Accepted Solutions
IreneS
Intuit Alumni

I can not claim Parent Plus Federal Student Loan interest because I have too high of an annual income. Can my son claim the interest?

No, for the following reasons:

  • Presumably you are claiming him as a dependent on your return;
  • He is not legally obligated to pay interest on the loan; and
  • He did not pay the interest.

According to IRS Pub. 970 - Tax; Benefits for Education:

Generally, you can claim the deduction if all of the following requirements are met.

  • Your filing status is any filing status except married filing separately.
  • No one else is claiming an exemption for you on his or her tax return.
  • You are legally obligated to pay interest on a qualified student loan.
  • You paid interest on a qualified student loan.



**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
IreneS
Intuit Alumni

I can not claim Parent Plus Federal Student Loan interest because I have too high of an annual income. Can my son claim the interest?

No, for the following reasons:

  • Presumably you are claiming him as a dependent on your return;
  • He is not legally obligated to pay interest on the loan; and
  • He did not pay the interest.

According to IRS Pub. 970 - Tax; Benefits for Education:

Generally, you can claim the deduction if all of the following requirements are met.

  • Your filing status is any filing status except married filing separately.
  • No one else is claiming an exemption for you on his or her tax return.
  • You are legally obligated to pay interest on a qualified student loan.
  • You paid interest on a qualified student loan.



**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v