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  3. al and marie borrowed $40,000 on a qualified educa

AL AND MARIE BORROWED $40,000 ON A QUALIFIED EDUCATIONAL LOAN TO PAY FOR QUALIFIED HIGHER...

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Accounting

AL AND MARIE BORROWED $40,000 ON A QUALIFIED EDUCATIONAL LOAN TO PAY FOR QUALIFIED HIGHER EDUCATION EXPENSES FOR THEIR TWO CHILDREN. DURING 2019 THEY PAID $1,800 IN INTEREST ON THE LOAN. THEIR MODIFIED AGI ON THEIR TAX RETURN WAS $160,000. THEY ARE ENTITLED TO DEDUCT ON THEIR TAX RETURN FOR THE YEAR.

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