Yes, you can deduct student
loan if you are liable to pay it (and you are as a co-signer) and actually paid
it (and providing you meet general qualifications I listed below). Here
is data entry:
- Federal Taxes
- Deductions
& Credits
- Education
- Select Student
Loan Interest Paid (Form 1098-E)
The issue may arise
if the form 1098-E is not in your name. However, if you ever receive a letter
from the IRS to "prove" that you were obligated to pay the loan,
you can simply send them a copy of the loan with your name on it.
You can only deduct Student Loan Interest if all of the following apply:
- You paid interest
on a qualified student loan in tax year 2016
- You
are legally obligated to pay interest on a qualified
student loan
- Your
filing status is not married filing separately
- Your MAGI
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
