Tam attended Brown University during 2018-2022. She lived at home and was claimed by her parents...

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Tam attended Brown University during 2018-2022. She lived at home and was claimed by her parents as a dependent during her entire education. She incurred education expenses of $10,000 during college, of which $2,000 was paid for by scholarships. To finance her education, she borrowed $6,000 through a federal student loan program and borrowed another $4,000 from a local lending institution for educational purposes. After graduation, she married and moved with her spouse to a distant city. In 2023, she incurred $600 of interest on the federal loans and $400 on the lending institution loan. She filed a joint return with her spouse showing modified AGI of $138,000. Required: What amount of student loan interest can Tam and her spouse deduct in 2023, if any? Tam attended Brown University during 2018-2022. She lived at home and was claimed by her parents as a dependent during her entire education. She incurred education expenses of $10,000 during college, of which $2,000 was paid for by scholarships. To finance her education, she borrowed $6,000 through a federal student loan program and borrowed another $4,000 from a local lending institution for educational purposes. After graduation, she married and moved with her spouse to a distant city. In 2023, she incurred $600 of interest on the federal loans and $400 on the lending institution loan. She filed a joint return with her spouse showing modified AGI of $138,000. Required: What amount of student loan interest can Tam and her spouse deduct in 2023, if any?

Answer rating: 100% (QA)

To determine the amount of student loan interest that Tam and her spouse can deduct in 2023 we need ... View the full answer