Tim is single and paid $ 2,400 in student loan interest in 2019. Tim’s Modified AGI...
Homework Answers
Calculation of Student Loan Interest Deduction
Step 1 : Take your Modified AGI and subtract it by $ 65,000
$ 70,000- $ 65,000 = $ 5,000
Step 2: Divide the above result in Step 1 by $ 15,000
$ 5,000 / $ 15,000
Step 3 : Multiply the resulting figure by student loan interest
$ 5,000 / $ 15,000 * $ 2400 = $ 800
Step 4 : Subtract the resulting figure from your original student loan interest
$ 2,400 - $ 800 = $ 1,600
So Final Answer is $ 1,600 is the amount Tim can deduct as student loan interest.
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