Homework Answers
As per Act Maximum Deduction of student loan interest deduction is $2500.
Henry's AGI between $65000 to $80000
Henry eligible for student loan interest deduction.
Calculation of Student Loan Interest Deduction = ($2500-($2950*($68300-$65000)/($80000-$65000)))
= ($2500 - ($2950*($3300/$15000))
= ($2500- $649)
= $1851
Taxable AGI :-
| Particulars | Amount($) |
| AGI | 68300 |
| Less : Student loan interest deduction | 1851 |
| Taxable AGI | 66449 |
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