Problem 4-47 (LO 4-1) Tam attended Brown University during 2017-2021. She lived at home and was claimed by her parents as a dependent during her entire education. She incurred education expenses of $22,000 during college, of which $4,400 was paid for by scholarships. To finance her education, she borrowed $13,000 through a federal student loan program and borrowed another $9,000 from a local lending institution for educational purposes. After graduation, she married and moved with her spouse to a distant city. In 2022, she incurred $1,300 of interest on the federal loans and $900 on the lending institution loan. She filed a joint return with her spouse showing modified AGI of $124,000. Required: What amount of student loan interest can Tam and her spouse deduct in 2022, if any? Tam's allowed deduction

Problem 4-47 (LO 4-1) Tam attended Brown University during 2017-2021. She lived at home and was claimed by her parents as a dependent during her entire education. She incurred education expenses of $22,000 during college, of which $4,400 was paid for by scholarships. To finance her education, she borrowed $13,000 through a federal student loan program and borrowed another $9,000 from a local lending institution for educational purposes. After graduation, she married and moved with her spouse to a distant city. In 2022, she incurred $1,300 of interest on the federal loans and $900 on the lending institution loan. She filed a joint return with her spouse showing modified AGI of $124,000. Required: What amount of student loan interest can Tam and her spouse deduct in 2022, if any? Tam's allowed deduction

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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