If A Student Is Claimed As A Dependent By His/Her Parent In A Particular Taxable Year, May The Student Take The Student Loan Interest Deduction For Student Loan Interest That He/She Pays In That Year?
No. The student may not claim the student loan interest deduction in any taxable year in which he/she is claimed as a dependent on another taxpayer's return. However, if the student continues to pay interest on a student loan and meets the other eligibility requirements, the student may claim the student loan interest deduction for payments made in a later year when the student is no longer a dependent on his/her parent's Federal income tax return.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified student loan interest deduction lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local student loan interest deduction attorney to discuss your specific legal situation.
Additional Student Loan Interest Deduction Articles
- Are There Any Limits On What Qualifies As A Student Loan?
- Is A Student Loan Interest Deduction Available If The Student Loan Is Not Federally Guaranteed Or Otherwise Subsidized?
- What Costs Are Included In The Costs Of Attendance?
- Is The Deduction Available For Interest Paid On Loans Used To Pay For Graduate School?
- Are There Any Limits On Who May Take The Student Loan Interest Deduction?
- May A Former Student Whose Loans Are Already In Repayment Deduct The Interest They Pay On A Student Loan On Or After January 1, 1998?
- May A Parent Claim The Student Loan Interest Deduction If The Parent Borrows To Pay His/Her Childs Costs Of Attending College?
- If An Individual Has Paid More Than $1,000 In Interest On Student Loans In 1998 And Is Otherwise Eligible To Take The Maximum Student Loan Interest Deduction, How Large A Deduction May The Individual Claim?
- Does An Individual Have To Itemize His/Her Income Tax Deductions To Claim The Student Loan Interest Deduction?
- Are Tax Benefits Available If The Student Repays His/Her Loan By Performing Community Service Rather Than Making Cash Payments?