If you paid the loan and meet these requirements below, you can deduct the related interest. 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.
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.
For general state-specific questions, click here to find your state’s Department of Revenue.
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