Does an individual have to itemize his/her tax deductions to claim the student loan interest deduction?
No. The student loan interest deduction is available regardless of whether an individual elects to take standard deduction or to itemize deductions. Q. 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 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.
