Gary is single and has an adjusted gross income of $88000. Last year he made $12100 in student loan payments of which $10930 wentto the principal and $1170 went to interest. With regard to his student loan, Gary will?O be able to claim a deduction for $12100.be able to claim a deduction for $1170.●not be able to claim a deduction for his student loan interest.be able to claim a deduction for $10930.

Student loan interest is interest you paid during the year on a qualified student loan. It…

Answered: ary is single and ha

Business

Accounting

ary is single and ha

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Gary is single and has an adjusted gross income of $88000. Last year he made $12100 in student loan payments of which $10930 went
to the principal and $1170 went to interest. With regard to his student loan, Gary will?
O be able to claim a deduction for $12100.
be able to claim a deduction for $1170.
●not be able to claim a deduction for his student loan interest.
be able to claim a deduction for $10930.

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Step 1: Provisions for deduction of student loan EMI & interest as per IRS rules 2022

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