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 interest expense on an educational loan if he files single and reports modified AGI of $90,000?

Question

Quizplus · Accepted Answer

Mason's modified AGI exceeds the phase-out threshold for the student loan interest deduction, which is $85,000 for single filers in 2023. Therefore, he cannot deduct any of the interest paid.

Mason Paid $4,100 of Interest on a Loan That Paid