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Get your taxes done using TurboTax
Yes, it is unfortunate. You could take the interest deduction if you had co-signed on the loan - then you would have a 'legal obligation' to pay the debt.
You can claim the deduction if all of the following apply:
- You paid interest on a qualified student loan in the tax year 2020.
- You can take the deduction as a student, or as a parent making payments on your dependent student’s loan. However, you or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.
- 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.
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March 4, 2021
8:50 PM