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This Year,Jong Paid $3,000 of Interest on a Qualified Education

Question 77

Multiple Choice

This year,Jong paid $3,000 of interest on a qualified education loan.Jong files married joint and reports modified AGI of $137,000.What is Jong's deduction for interest expense on an educational loan?


A) $2,500
B) $3,000
C) $1,500
D) $1,000
E) None of thesE.2013 maximum = [137,000 - 125,000]/30,000 = 40% = $2,500 * 60% = $1,500.

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