Question
Umair attended CSUS during 2013-2017. He lived at home and was claimed by his parents as...
Umair attended CSUS during 2013-2017. He lived at home and was claimed by his parents as a deduction during the entire duration of his education. He incurred education expenses of $6,000 during college of which $600 was paid for by scholarships. To finance his education, he borrowed $5,000 through a federal student loan program and borrowed another $1,000 from a local lending institution for educational purposes. After graduation, he married and moved with his spouse to a distant city. In 2018, he incurred $500 of interest on the federal loans and $100 on the lending institution loan. He filed a joint return with his spouse showing modified AGI of $100,000. What amount of student loan interest can Umair and his spouse deduct in 2018, if any?
Answers
ANSWER
The amount of student loan interest can Zach and his spouse deduct in 2018 is $5,40
Explanation:-
The amount of student loan interest can Zach and his spouse deduct in 2018 is
Education Expenses:-
=$6,000 Incurred Expenses- $600 Scholarship
=$5,400
$5,400/$6,000
=90%
Interest Incurred :-
=$5,00 Federal Loan Interest +$100 Lending Loan Interest
=$6,00
$600*90%
=$5,40
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