Bob attended school from 1997 until 2007 (Business major who didnt attend tax or finance enough)...
Bob attended school from 1997 until 2007 (Business major who didnt attend tax or finance enough) and took loans to finance his education. in 2018 he had interest from these student loans of $2800 and they had AGI of $142000. How much of the interest is deductible in 2018 assuming he is married filing jointly and lucky his wife has a job?
Homework Answers
Ans: AGI=$142,000
According to law, student education loan deduction is available only IF AGI more than $135,000 and such deduction is limited to $2500 or whichever is less:
here interest from loan is $2800 and from above law, it is clear that AGI is in range is $142000 also, deduction is only limited to $2500 therefore interest that is deductible in 2018 assuming bob is married filing jointly is $2500
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Reba Dixon is a fifth-grade school teacher who earned a salary of
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