Mason paid $4,100 of interest on a loan that paid tuition for him to attend a private university this year. How much of this payment can Mason deduct student loan interest if he files single and reports modified AGI of $81,400? $1,900. $3,116. $984. $600.

Mason paid $4,100 of interest on a loan that paid tuition for him to attend a private university this year. How much of this payment can Mason deduct student loan interest if he files single and reports modified AGI of $81,400? $1,900. $3,116. $984. $600.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Mason paid $4,100 of interest on a loan that paid tuition for him to attend a private university this year. How much of this payment can Mason deduct as
student loan interest if he files single and reports modified AGI of $81,400?
$1,900.
$3,116.
$984.
$600.

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