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Mike paid $4,000 of interest on a qualified education loan that he used to pay for his dependent son’s college education. How much of this payment can mike deduct as a for agi deduction if he files married-joint and reports modified agi of $155,000?.

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chilljain33

An AGI deduction of $2500 paid as interest on a qualified education loan can be claimed by Mike when his AGI is $155,000.

What is deduction?

An amount, which is exempted from taxes after the setting off them against the taxable income made throughout the year, is known as a deduction.

The maximum deduction allowed to be claimed on a qualified education loan for an income between $145,000 to $175,000 is $2,500.

Hence, the deduction allowed to be claimed by Mike is as aforementioned.

Learn more about deduction here:

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