Question
47. Zach attended Biola University during 2015-19. To finance his education, he borrowed $17,000 through a federal student loan program and borrowed another $13,000 from
47. Zach attended Biola University during 2015-19. To finance his education, he borrowed $17,000 through a federal student loan program and borrowed another $13,000 from a local lending institution all used for qualifies educational purposes. In 2020, he incurred $2,050 of student loan interest on loans. He filed a Married joint return with his spouse showing modified AGI of $148,000. What amount of student loan interest can Zach and his spouse deduct in 2020, if any?
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
