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Meg (single taxpayer) pays $1,900 in student loan interest. Her AGI is $77,000. What is her For AGI student loan deduction? $0 $887 $1,900 $1,013

Meg (single taxpayer) pays $1,900 in student loan interest. Her AGI is $77,000. What is her For AGI student loan deduction? $0 $887 $1,900 $1,013

FINANCIAL ACCOUNTING
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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Meg (single taxpayer) pays $1,900 in student loan interest. Her AGI is $77,000. What is her For AGI student loan deduction? $0 $887 O $1,900 $1,013
Transcribed Image Text:Meg (single taxpayer) pays $1,900 in student loan interest. Her AGI is $77,000. What is her For AGI student loan deduction? $0 $887 O $1,900 $1,013
You bought a house in 2004 for $150,000. Sadly, you suffered an injury. Your doctor prescribes water aerobics as your therapy and prescribes building a pool. You spend $31,000 to build the pool. Because you built the pool your house now appraises for $165,000. Assume all of your other injury related costs were covered by your health insurance, which you pay $4,400 a year for. If your AGI is $200,000, what is your allowable medical expense deduction? $400 $0 $20,400 $5,400 O $35,400
Transcribed Image Text:You bought a house in 2004 for $150,000. Sadly, you suffered an injury. Your doctor prescribes water aerobics as your therapy and prescribes building a pool. You spend $31,000 to build the pool. Because you built the pool your house now appraises for $165,000. Assume all of your other injury related costs were covered by your health insurance, which you pay $4,400 a year for. If your AGI is $200,000, what is your allowable medical expense deduction? $400 $0 $20,400 $5,400 O $35,400
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