If a student loan is in the parents name but the child is making the payments can they claim it on their tax return?

audrey-earls21 — Mon, 03 Jun 2019 19:02:40 GMT

No. STUDENT LOAN INTEREST Only the person whose name is o...

xmasbaby0 — Mon, 03 Jun 2019 19:02:41 GMT

No. STUDENT LOAN INTEREST

Only the person whose name is on the student loan and who is legally obligated to pay the loan can deduct the student loan interest. If you did not sign or co-sign for the loan you cannot deduct the interest.

You cannot deduct student loan interest if you are being claimed as someone else’s dependent, or if you are filing as married filing separately.

The student loan interest deduction can reduce your taxable income by up to $2500

There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when your modified adjusted gross income hits certain income levels and is even eliminated at certain income levels -

• If your filing status is single, head of household, or qualifying widow(er), then the phaseout begins at $65,000 until $80,000, after which the deduction is eliminated entirely.

• If your filing status is married filing joint, then the phaseout beings at $130,000 until $160,000, after which the deduction is eliminated entirely.

Enter the interest you paid for your student loan by going to Federal>Deductions and Credits>Education>Student Loan Interest Paid in 2017 (Form 1098E)

Look on your tax form to see your student loan interest deduction:

Form 1040A line 18 or Form 1040 line 33

https://www.irs.gov/help/ita/can-i-claim-a-deduction-for-student-loan-interest

topic If a student loan is in the parents name but the child is making the payments can they claim it on their tax return? in State tax filing

If a student loan is in the parents name but the child is making the payments can they claim it on their tax return?

No. STUDENT LOAN INTEREST Only the person whose name is o...