If Your Son is Your Dependent:
- If your son is your dependent, neither you nor your son can claim the student loan interest deduction. This is because the person who is legally obligated to pay the interest (your son) is being claimed as a dependent
If Your Son is Not Your Dependent:
- If your son is not your dependent and he paid the interest, he can claim the student loan interest deduction on his tax return
If It's a Parent PLUS Loan:
- If you took out a Parent PLUS loan and are legally obligated to pay the interest, you can claim the student loan interest deduction, even if your son is not your dependent.
- For 2024, the amount of your student loan interest deduction is gradually reduced (phased out) if your MAGI is between $80,000 and $95,000 ($165,000 and $195,000 if you file a joint return). You can’t claim the deduction if your MAGI is $95,000 or more ($195,000 or more if you file a joint return).
For more details, you can check out the IRS page on student loan interest deduction and this TurboTax guide on 1098-E.
