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I cosigned student loans, son made no payments. I paid over 6,000. in interest last year [2019]. He is not a dependent. Can I claim interest?
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March 8, 2020
2:53 PM
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March 08, 2020
2:53 PM
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I cosigned student loans, son made no payments. I paid over 6,000. in interest last year [2019]. He is not a dependent. Can I claim interest?
Yes, because you paid it and were legally required to (as co-signer). There's one more requirement: he must have been your dependent at the time the loans paid for school. He does not need to still be your dependent.
The deduction is limited to $2500.
March 8, 2020
3:05 PM
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I cosigned student loans, son made no payments. I paid over 6,000. in interest last year [2019]. He is not a dependent. Can I claim interest?
If you cosigned the loan and paid the interest you can probably claim it. It is not necessary that you claim your son as a dependent.
You can claim the deduction if all of the following apply:
- You paid interest on a qualified student loan in tax year 2019;
- You're legally obligated to pay interest on a qualified student loan;
- Your filing status isn't married filing separately;
- Your MAGI is less than a specified amount which is set annually; and
- You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.
A qualified student loan is a loan you took out solely to pay qualified higher education expenses that were:
- For you, your spouse, or a person who was your dependent when you took out the loan.
- For education provided during an academic period for an eligible student.
- Paid or incurred within a reasonable period of time before or after you took out the loan.
See IRS Topic No. 456 Student Loan Interest Deduction
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March 8, 2020
3:12 PM
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