Simon graduated from Lessard University last year. He financed his education by working part-time and borrowing $16,000.

Question:

Simon graduated from Lessard University last year. He financed his education by working part-time and borrowing $16,000. During the current year, he pays $1,400 of interest on his student loan.
a. What amount can Simon deduct as student loan interest if his adjusted gross income is $33,000?
b. What amount can Simon deduct as student loan interest if his adjusted gross income is $77,000?