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In 2019, Brian and Erin, who are married and file a joint return, paid $4,700 of interest on a qualified student loan. Their

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Answer #1

The interest on student loan is deductible upto $2500.

This amount starts reducing once the MAGI reaches the Phase out limit.

The phase out starts at 140000$ and ends at 170000$

Maximum deduction is 2500$ or actual whichever is lower,

the deduction of 2500$ will reduce here by

2500 * (MAGI-phaseout limit)/(phaseout end- phaseout beginning)

2500 * (153000-140000)/(170000-140000)

=2500*13000/30000

=1083.33

deduction = 2500-1083.33

=1417$ can be deducted as student loan interest

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