The student loan interest deduction begins to phase out for taxpayers with MAGI in excess of $ 70,000, and is completely phased out for taxpayers with MAGI of $ 85,000 or more.
The phase-out ranges for the 2019 tax year depend on the filing status :
Filing Status | Phase-out Begins | Phase-out Ends |
Single | $ 70,000 | $ 85,000 |
Head of Household | 70,000 | 85,000 |
Married, Filing Jointly | 140,000 | 170,000 |
Qualifying Widow(er) | 70,000 | 85,000 |
The student loan interest deduction begins to phase out for taxpayers with MAGI in excess of
The student loan interest deduction begins to phase out for taxpayers who are married filing jointly with MAGI of __________. * $120,000 $130,000 $140,000 $145,000
The student loan interest deduction is the smaller of the interest paid on Marks 1 Choose one answer O a $4.000 b $2.500 c. 55,000 $2.000 O d The filing requirements for most taxpayers are determined by certain factors. These are all of the following except Marks: 1 Choose one answer. a. Gross income b Filling Status O cAge Number of dependents you will daim on your return O d
Tor F 1. For 2018, the amount of the student loan interest deduction is limited to $3,500. Tor F 2. Under a divorce agreement executed in 2018, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony. Tor F 3. With a Health Savings Account (HSA), contributions grow tax free and distributions used for to pay for medical expenses are non-taxable. Tor F 4 . The cost of aspirin and over-the-counter cough...
A student takes out a five-year loan of 1000. interest on the loan is at an annual effective interest rate of i. at the end of each year, the student pays the interest due on the loan and makes a deposit of twice the amount of that interest payment into a sinking fund. the sinking fund credits interest at an annual effective rate of 0.8i. the sinking fund will accumulate the amount needed to pay off the loan at the...
12. What is the amount of Ramon's student loan interest deduction shown on Form 1040, Schedule 1?$ (Do not enter dollar signs, commas, periods, or decimal points in your answer.) [1] 2500
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of AMTI Married filing jointly $111,700 $1,020,600 $1,467,400 Married filing separately 55,850 510,300 733,700 Head of household and single 71,700 510,300 797,100 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 10% of taxable income $ 19,400 S_78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the...
Meg (single taxpayer) pays $1,900 in student loan interest. Her AGI is $77,000. What is her For AGI student loan deduction? $0 $1,013 $887 $1,900
Caitlyn took out a $36,000 student loan with a fixed interest rate to pay for college. Caitlyn did not make payments on her loan for a period of 9 years. After this time period interest had accrued, resulting in the loan balance increasing to $63,000. What is is the 9-year growth factor for the amount that Caitlyn owes on the loan? What is the 9-year percent change for the amount that Caitlyn owes on the loan? % What is...
If Regi took out $25129 student loan at a 8% APR., how much interest will he be charged after a year? Answer: Check
If Regi took out $26827 student loan at a 9% APR., how much interest will he be charged after a year? Answer: Check