Question

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?

Answer

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.
     

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