Student Loan Interest

Forum|Forum|4 years ago
March 9, 2022
6 replies
23 views

My daughter has multiple student loans in her name where I am the co-signer. It seems like neither one of us can claim the interest on our taxes - I cannot because they are not in my name and she cannot because we claim her as a dependent. Is this correct?!

MayaD

Alumni - Intuit

No. As a co-signer you may claim your daughter's student loan interest deduction.

To claim the student loan interest deduction,

You must be legally obligated to make the payments on the student loans (Cosigning the loans counts as legally obligated to make the payments), and
The Student must be a dependent on your return.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

minx3276Author

Level 2

Okay thank you. It is misleading when you click on the info icon while doing Turbo Tax and it says the loans must be in your name, even if you are a co-signer. I wish I had asked this last year - I left that interest on the table because I thought neither me nor my daughter could claim it. Is there anything I can do now about back-claiming it for 2020?