Can Kelli and her spouse deduct any student loan interest

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Q1. Kelli attended Temple University during 2015-2019. She lived at home with her parents 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 $7,000 through a federal student loan program and borrowed another $3,000 from a local bank for educational purposes. After graduation, Kelli married and moved to another city with her spouse. In 2020, Kelli incurred $700 of interest on the federal loans and $300 on the lending institution loan. She and her spouse filed a joint return showing modified AGI of $128,000. Can Kelli and her spouse deduct any student loan interest on their joint return in 2020? If so, how much? Explain your responses and support with calculations.

Q2. What are some of the limitations with respect to the deductibility of student loan interest? Be specific and comprehensive in your response.

Reference no: EM133100567

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