Student loan

Forum|Forum|4 years ago
March 9, 2022
1 reply
3 views

I was told that I could claim the student loan interest that I am helping my son with but I read a comment that my son woukd have to be considered a dependent which he is not. Am I still allowed to claim the interest if I co-signed on the student loan? Thanks.

JamesG1

Level 15

This IRS FAQ states:

You can claim the deduction if all of the following apply:

You paid interest on a qualified student loan in tax year 2021;
You're legally obligated to pay interest on a qualified student loan;
Your filing status is not married filing separately;
Your modified adjusted gross income is less than a specified amount which is set annually; and
Neither you nor your spouse, if filing jointly, can be claimed as dependents on someone else's return.

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; and
Paid or incurred within a reasonable period of time before or after you took out the loan.

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