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If I claim my son as a dependent, can he deduct student loan interest payments on his return

on my return (parent) I can't claim the paid interest on my son's student loan because the loan is in his name.  Turbo tax says he can claim it on his return.  However, when filing his return, Turbo tax says he can't claim it because I (parent) claim him as a dependent.

We have a 1098E form but cannot enter it on either form??????

1 Reply
Level 7

If I claim my son as a dependent, can he deduct student loan interest payments on his return

Yes, if he is a dependent on your return, then he will not be able to claim the interest on his return.

You can claim the deduction if all of the following apply:

  • You paid interest on a qualified student loan in tax year 2017;
  • 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.

One caveat:  If you were a co-signor on the loan, then you would also be legally obligated to pay the interest.  So, in that case, even if the loan was primarily in his name, if you paid some or all of the interest, then you would be able to claim it on your return.

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