No, the student may not claim the student loan interest deduction in any taxable year in which he or she is claimed as a dependent on another taxpayer’s return [§221(c)]. 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 or her parent’s Federal income tax return (Notice 97-60, Sec. 5, Q&A 10).
If a student is claimed as a dependent by his or her parent in a particular taxable year, may the student take the student loan interest deduction for student loan interest that he or she pays in that year?
Modified on: Sun, 5 Feb, 2017 at 6:43 PM
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