How Do You Deduct Student Loan Interest Paid By Parents?
Student loan interest is a tax deductible item on federal income taxes. Parents who take out student loans on behalf of their child can deduct the interest on their income taxes providing certain conditions are met. Read on to learn how to deduct student loan interest paid by parents. Apply for student loans for yourself, your spouse or a person who was your dependent at the time you took out the loan in order to deduct student loan interest. Deduct the full $2,500 allowable deduction if your tax status is married, filing jointly and your modified adjusted gross income is $100,000 or less. If your modified adjusted gross income is between $105,000 and $135,000, the amount of the deduction is gradually decreased. File a tax return as single, married filing jointly, head of household or qualifying widow(er). You may not deduct student loan interest if you are married filing separately, if you can be claimed as a dependent or if the loan is from a qualified employer plan. Be sure your mod
