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What amount of student loan interest can Zach deduct

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Problem - Zach attended Champion University during 2014-2018. He lived at home and was claimed by his parents as a deduction during the entire duration of his education. He incurred education expenses of $22,000 during college of which $4,400 was paid for by scholarships. To finance his education, he borrowed $13,000 through a federal student loan program and borrowed another $9,000 from a local lending institution for educational purposes. After graduation, he married and moved with his spouse to a distant city. In 2019, he incurred $1,300 of interest on the federal loans and $900 on the lending Institution loan. He filed a joint return with his spouse showing modified AGI of $124,000. What amount of student loan interest can Zach and his spouse deduct in 2019, if any?

Reference no: EM132942467

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