What amount of student loan interest can cindy deduct

Assignment Help Accounting Basics

Reference no: EM131766135

Question: Cindy attended State University during 2011-2015. She lived at home and was claimed by her parents as a deduction during the entire duration of her education. She incurred education expenses of $19,000 during college of which $2,660 was paid for by scholarships. To finance her education, she borrowed $11,500 through a federal student loan program and borrowed another $7,500 from a local lending institution for educational purposes. After graduation, she married and moved with her husband to a distant city. In 2016, she incurred $1,150 of interest on the federal loans and $750 on the lending institution loan. She filed a joint return with her husband showing modified AGI of $119,500. What amount of student loan interest can Cindy and her husband deduct in 2016, if any? (Do not round intermediate computations. Round your final answer to nearest whole dollar amount.)

Reference no: EM131766135

Questions Cloud

What biblical wisdom can you gather about your character : What biblical wisdom can you gather about your character? Write out five elements of Biblical wisdom that can be understood from your character.

Determine the monthly volume at which the average cost : Determine the monthly volume at which the average cost per serving

Discussing about certified public accounting : Certified public accounting (CPA) firms provide audit services for all, but which of the following entities? a. Publicly-traded companies.

How successive us governments sought to achieve objectives : How successive U.S. governments sought to achieve them before 1898; between 1898-1933; after WWII; during the Cold War; and since 1981?

What amount of student loan interest can cindy deduct : Cindy attended State University during 2011-2015. She lived at home and was claimed by her parents as a deduction during the entire duration of her education.

Discuss how much manufacturing overhead : fabrication hours and total manufacturing overhead charges of $291,101. Based on this data, how much manufacturing overhead

Discuss doubtful accounts account after the adjustment : If the a company estimates the bad debt to be 2% of net credit sales, what will be the allowance for doubtful accounts account after the adjustment

How was the computer fixed after the attack : Based on your own personal experiences or those of someone you know (you may have to interview other students or a friend), write a paragraph regarding.

Discuss amount of environmental consulting services : had performed a significant amount of environmental consulting services for Sunland Company Sunland Company was short of cash

User Account

All Pages