A taxpayer has a son, who the taxpayer claims as a dependent and who attended college this past year. While in school, the son took out several qualified student loans, all of which were solely in his name. In 2020, the taxpayer made interest payments for him of $1,256 to Bank A and $523 to a credit union. Additionally, the taxpayer's son made an interest payment of $453 to Bank B How much is the taxpayer able to deduct on their 2020 U.S. federal tax return?
A taxpayer has a son, who the taxpayer claims as a dependent and who attended college this past year. While in school, the son took out several qualified student loans, all of which were solely in his name. In 2020, the taxpayer made interest payments for him of $1,256 to Bank A and $523 to a credit union. Additionally, the taxpayer's son made an interest payment of $453 to Bank B How much is the taxpayer able to deduct on their 2020 U.S. federal tax return?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kk193.
Transcribed Image Text:.A taxpayer has a son, who the taxpayer claims as a dependent and who attended college this past year. While in school, the son took out several qualified student loans, all of which were
solely in his name. In 2020, the taxpayer made interest payments for him of $1,256 to Bank A and $523 to a credit union. Additionally, the taxpayer's son made an interest payment of $453
to Bank B.
How much is the taxpayer able to deduct on their 2020 U.S. federal tax
return?
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