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sesenic [268]
3 years ago
12

Mike paid $4,000 of interest on a qualified education loan that he used to pay for his dependent son’s college education. How mu

ch of this payment can Mike deduct as a for AGI deduction if he files married-joint and reports modified AGI of $150,000? Multiple Choice $4,000 $2,500 $2,000 $1,250 None of the choices are correct - no deduction is allowed.
Business
1 answer:
Dmitry [639]3 years ago
7 0

Answer:

$1,250

Explanation:

<u>The cap for student loan in behalf of your son if deductible up to 2,500.</u>

<em />

<em>The requirement are:</em>

qualified loan.

married filing jointly which aren't dependents on someone else's tax return

Income below for married filing jointly: 135,000

Above this, it pahses out gradually until 165,000 dollars.

Therefore, the calculation are as follow:

interest paid: 4,000

cap:                2,500

max deduction: 2,500

according to income:

135,000  -> deduction for 2,500

165,000 -> deduction for 0

Mike and his spouse income: 150,000

150,000 is half way so they can deduct half the amount: 1,250

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Explanation:

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3 years ago
Susan fires her Employee/Agent Martin. They had a disagreement and both decided to part ways. However, Martin had a sour taste i
scZoUnD [109]

Answer:

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Explanation:

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4 years ago
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dybincka [34]
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Answer:

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6 0
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