Can I claim the student loan interest deduction for payments I made if i am a co-borrower on the loan

[cpower7]

I am a co-borrower on my sons student loan.  I am the only person making payments, he has not made any.  My name is on the loan and I am responsible for it so can I deduct the interest I have been paying.  His name is on the 1098-E. 

[Marketstar · Accepted solution]

You can deduct student loan interest if:

• You paid interest on a qualified student loan in tax year 2015

• You are legally obligated to pay interest (ie. you are a co-signer) on a qualified student loan

• Your are not filing Married Filing Separate

• Your Modified Adjusted Gross Income is less than a specified amount which is set annually, and

• You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return.

[cpower7]

does this apply to 2016 payments? does the program determing if the modified AGI applies? Thanks!

[Marketstar]

Yes and yes, the program will notify you if your Modified Adjusted Gross Income is too high.

[kenkros]

How does this get entered in the program if the student is no longer a dependent?