Monday, December 17, 2012
Student Loan Interest
Only the person who is legally obligated to repay the student loan can take the deduction for the interest. Someone who is a dependent on the parent's return cannot take the deduction, and joint filers with income over $150,000 cannot take the student loan interest deduction either. Higher income taxpayers may want to consider having the student be liable for the student loan so when they leave the nest the student can qualify for the deduction.
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