Question

Student debt interest ownership

Forum|Forum|7 years ago
June 1, 2019
1 reply
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If I have been paying off a loan, but my parent's name is on the loan, can I claim the interest for a deduction? My parents do not claim me on their taxes.

TurboTax Deluxe Online

M

MaryK1

Employee

It depends, if it is your student loan, you are legally obligated. You can claim the deduction 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.

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