Yes you can, since you are a co-signer and are legally obligated to pay the loan (along with your daughter). You can claim the Student Loan Interest deduction if all of the following apply: You paid interest on a qualified student loan in tax year 2020. You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return. (You can take the deduction as a student. If you're a parent making payments on your dependent student’s loan, you can also take the deduction). 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.See Can I claim my student loan? for additional information.

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Question

You asked There is a student loan that I co-sign with my daughter. Daughter is first on loan. I am paying it. Can I take the paid interest off my taxes?

Forum|Forum|4 years ago
May 9, 2021
1 reply
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TurboTax Deluxe Online

ToddL99

Yes you can, since you are a co-signer and are legally obligated to pay the loan (along with your daughter).

You can claim the Student Loan Interest deduction if all of the following apply:

You paid interest on a qualified student loan in tax year 2020.
You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return. (You can take the deduction as a student. If you're a parent making payments on your dependent student’s loan, you can also take the deduction).
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.

See Can I claim my student loan? for additional information.