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Is this an allowable adjustment to income on federal U.S 1040 for tax year 2020? A married filing separate taxpayer paid $3,000 in interest on
Is this an allowable adjustment to income on federal U.S 1040 for tax year 2020?
A married filing separate taxpayer paid $3,000 in interest on student loans during the tax year. With all adjustments to income (except student loan interest adjustments) their MAGI is below the limits. They can deduct $2,500 of their student loan interest as an adjustment to income.
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