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STUDENT LOAN INTERET IN DEPENDENT'S SSN

Greta
Level 9

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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jeffmcpa2010
Level 11

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

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3 Comments 3
jeffmcpa2010
Level 11

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

TaxGuyBill
Level 15

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

Filing status and MAGI matter, too:

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

 

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