Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can i please get some assistance on these problems? I am having trouble understanding this material. ACC 230 Federal Taxes Student Loan Interest problems: 1.

Can i please get some assistance on these problems? I am having trouble understanding this material.

image text in transcribed ACC 230 Federal Taxes Student Loan Interest problems: 1. Erin, who files as a single individual, has a modified AGI of $37,000. She paid $737 of qualified student loan interest and receives a 1098e statement from American Education Services (AES) stating that. How much may Erin deduct on her Form 1040? 2. During 2010, Jeremy paid $800 in interest on a qualified student loan. Jeremy files a joint return with his wife. Their modified AGI is $145,000. What is the amount of Jeremy's student loan interest deduction? 3. During 2010, Laura paid interest of $2620 on a qualified student loan. Laura is single. Her modified AGI is $71,400. How much can Laura deduct as student loan interest on her tax return? 4. During 2011, Ismael paid $580 interest on a qualified student loan. He files his tax return as a single taxpayer. His modified AGI is $95,812. What is Ismael's deduction for student loan interest? 5. Coco and Igor file a joint return. Their MAGI is $119,700. Coco has paid $2510 in qualified student loan interest. What is their deduction for student loan interest

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

9th edition

1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227

Students also viewed these Accounting questions