Student loan

[203008051]

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]

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.