Question
Do my wife and I (filing jointly) still deduct for our student loans if our parents covered payments for 2020?
Our parents were able to cover our student loan payments throughout 2020. In fact, it was well in excess of the minimum amounts we paid ourselves before they took over. Now here we are, with our 2020 tax statements showing that we paid off a fat chunk of interest, thus making us eligible for more returns. Does the government frown on this?
