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Level 7
February 18, 2022
Solved

STUDENT LOAN INTERET IN DEPENDENT'S SSN

  • February 18, 2022
  • 3 replies
  • 12 views

The loan amount vanishes when I say the loan is in "someone else's name". The someone else is the student dependent of TP. Not deductible?

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Best answer by jeffmcpa2010

Student loan interest is only deductible to the person who's name the loan is in.

3 replies

Level 10
February 18, 2022

Student loan interest is only deductible to the person who's name the loan is in.

Level 15
February 18, 2022

You should check if the loan is ONLY in the student's name.  Sometimes both the parent and student are on the loan, in which case it is would be deductible to the parent.

qbteachmt
Level 15
February 18, 2022

Filing status and MAGI matter, too:

https://www.irs.gov/taxtopics/tc456

 

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