Tam attended Brown University during 2016-2020. She lived at home and was claimed by her parents as a dependent during her entire education. She incurred education expenses of $10,000 during college of which $2.000 was paid for by scholarships To finance her education, she borrowed $6,000 through a federal student loan program and borrowed another $4,000 from a local lending institution for educational purposes. After graduation, she married and moved with her spouse to a distant city. In 2021, she incurred $600 of interest on the federal loans and $400 on the lending institution loan. She filed a joint return with her spouse showing modified AGI of $132,000 Required: What amount of student loan interest can Tam and her spouse deduct in 2021, if any? Tant's allowed deduction
Tam attended Brown University during 2016-2020. She lived at home and was claimed by her parents as a dependent during her entire education. She incurred education expenses of $10,000 during college of which $2.000 was paid for by scholarships To finance her education, she borrowed $6,000 through a federal student loan program and borrowed another $4,000 from a local lending institution for educational purposes. After graduation, she married and moved with her spouse to a distant city. In 2021, she incurred $600 of interest on the federal loans and $400 on the lending institution loan. She filed a joint return with her spouse showing modified AGI of $132,000 Required: What amount of student loan interest can Tam and her spouse deduct in 2021, if any? Tant's allowed deduction
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 42P
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![Tam attended Browns University during 2016-2020. She lived at home and was claimed by her parents as a dependent during her
entire education. She incurred education expenses of $10,000 during college, of which $2.000 was paid for by scholarships. To
finance her education, she borrowed $6,000 through a federal student loan program and borrowed another $4,000 from a local
lending institution for educational purposes. After graduation, she married and moved with her spouse to a distant city. In 2021, she
incurred $600 of interest on the federal loans and $400 on the lending institution loan. She filed a joint return with her spouse
showing modified AGI of $132.000
Required:
What amount of student loan interest can Tam and her spouse deduct in 2021, if any?
Tam's allowed deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa0d80a1d-a10a-4fba-bac6-4339f536d36d%2F2e525263-b87a-475a-8429-3998298e3455%2Fpvnjggi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Tam attended Browns University during 2016-2020. She lived at home and was claimed by her parents as a dependent during her
entire education. She incurred education expenses of $10,000 during college, of which $2.000 was paid for by scholarships. To
finance her education, she borrowed $6,000 through a federal student loan program and borrowed another $4,000 from a local
lending institution for educational purposes. After graduation, she married and moved with her spouse to a distant city. In 2021, she
incurred $600 of interest on the federal loans and $400 on the lending institution loan. She filed a joint return with her spouse
showing modified AGI of $132.000
Required:
What amount of student loan interest can Tam and her spouse deduct in 2021, if any?
Tam's allowed deduction
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