The Bros are a loosely affiliated collective of super secret ninja assassins who prey upon BMC drinkers and elderly clowns. #8 LaneMeyer, Mar 9, 2012 Paul68 likes this.
You may not qualify for a full standard deduction if your parents can claim you as a dependent on their return. In that case, your standard deduction is limited to the greater of $1,000 or your earned income for the year plus $350, but not more than the regular standard deduction amount.
The student loan interest deduction does not require that you claim your child as a dependent in the year that you pay the interest. Instead, the deduction goes to the person who is legally obligated to pay the loan and actually pays on the loan.or example, if only your child is on the student loan, you can't claim the interest payments, even if you claim your child as a dependent. However, if you are a co-signer and pay the interest, you can claim the deduction because you are legally obligated to pay the loan.