I would like to know more about claiming dependent student loan interest. If I claim my son as a dependent, can I deduct his qualified student loan interest on my tax return?
Dependent student loan interest can be claimed on your tax return under certain circumstances. You can claim interest on a qualified student loan you took out for your dependent as long you meet both of these:
- The loan was in your name.
- You paid the interest on it.
You can’t deduct qualified student loan interest payments you paid on a loan in your dependent’s name. Neither of you can deduct the loan interest if both of these are true:
- You claim the student as a dependent.
- You pay the student’s loan interest.
Trying to determine the cost of tax preparation or H&R Block’s prices? While there’s no one-size-fits-all answer, learn why Block believes in upfront, transparent pricing.
Learn more college student tax credits from the tax experts at H&R Block.
Wondering if you need to fill out a tax return for your child? Learn more about filing taxes for a child from the experts at H&R Block.
Do you earn income in New York? If so, you will owe New York income taxes. Read here to learn more about the NY tax rate here.