Unfortunately, no. You can take the studentloan interest deduction for interest that you paid on the student loans in yourname, but you cannot deduct interest on loans that are in your parents’ names.You can claim the deduction only if all of the following apply:You paid interest on a qualified student loan in tax year 2016;You're legally obligated to pay interest on a qualified studentloan;Your filing status isn't married filing separately;Your MAGI is less than a specified amount which is set annually;andYou or your spouse, if filing jointly, can't be claimed asdependents on someone else's return. For more information, please see IRS Tax Topic 456 - Student LoanInterest Deduction.

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cpierce921

Employee

Solved

I have student loans in my name and the federal parent student loans. If i pay my parent student loans can i claim the interest paid on those?

Forum|Forum|6 years ago
June 1, 2019
1 reply
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TurboTax Free Edition Online

Best answer by MichaelMc

Unfortunately, no. You can take the student loan interest deduction for interest that you paid on the student loans in your name, but you cannot deduct interest on loans that are in your parents’ names.

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

You paid interest on a qualified student loan in tax year 2016;
You're legally obligated to pay interest on a qualified student loan;
Your filing status isn't married filing separately;
Your MAGI is less than a specified amount which is set annually; and
You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.

For more information, please see IRS Tax Topic 456 - Student Loan Interest Deduction.

MichaelMcAnswer

Employee

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

You paid interest on a qualified student loan in tax year 2016;
You're legally obligated to pay interest on a qualified student loan;
Your filing status isn't married filing separately;
Your MAGI is less than a specified amount which is set annually; and
You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.

For more information, please see IRS Tax Topic 456 - Student Loan Interest Deduction.

Anonymous

The money that I paid my student loan that are in my parents name, will they be able to claim the student loan interest?

DawnC

Employee

Yes, as long as they meet the following guidelines, they can claim the interest. They can claim the deduction if all of the following apply:

You paid interest on a qualified student loan in tax year 2019.
You can take the deduction as a student, or as a parent making payments on your dependent student’s loan. However, you or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.
You're legally obligated to pay interest on a qualified student loan.
Your filing status isn't married filing separately.
Your MAGI is less than a specified amount, which is set annually.

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

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