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This year, Jong paid $3,000 of interest on a qualified education loan. Jong files married...

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Question

Accounting

This year, Jong paid $3,000 of interest on a qualified education loan. Jong files married filing jointly and reports modified AGI of $167,000. What is Jong's deduction for interest expense on an educational loan?

*

a) $2,500

b) $3,000

c) $1,500

d) $1,000

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