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Explain in words how and why the income and interest sensitivities of the demand for real balances affect the slope of the LM curve

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My son has a student loan but I pay the loan can I claim the interest


Topic 456 - Student Loan Interest Deduction
You may be able to deduct interest you pay on a qualified student loan. Generally, the amount you may deduct is the lesser of $2,500 or the amount of interest you actually paid. It is subject to a phaseout, which means the amount of the deduction gradually decreases and phases out completely if and when your modified adjusted gross income (MAGI) amount reaches the annual limit.
You claim this deduction as an adjustment to income, so you do not need to itemize your deductions on Form 1040, Schedule A (PDF), Itemized Deductions.
You can claim the deduction if all of the following apply:
  • You paid interest on a qualified student loan in tax year 2015
  • You are legally obligated to pay interest on a qualified student loan
  • Your filing status is not married filing separately
  • Your MAGI is less than a specified amount which is set annually, and
  • You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return
A qualified student loan is a loan you took out solely to pay qualified higher education expenses. See Publication 970, Tax Benefits for Education, and the Form 1040 Instructions (PDF) to determine if your expenses qualify.
If you file a Form 2555 (PDF), Foreign Earned Income, Form 2555-EZ (PDF), Foreign Earned Income Exclusion, or Form 4563 (PDF), Exclusion of Income for Bona Fide Residents of American Samoa, or if you exclude income from sources inside Puerto Rico, refer to Worksheet 4-1, Student Loan Interest Deduction Worksheet in Publication 970, instead of the worksheet in the Form 1040 Instructions.
If you paid $600 or more of interest on a qualified student loan during the year, you will receive a Form 1098-E (PDF), Student Loan Interest Statement, from the entity to which you paid the student loan interest.
For more information about the student loan interest deduction and how your MAGI affects the deduction amount, refer to Publication 970.
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Page Last Reviewed or Updated: December 30, 2015

Jan 26, 2016 | The Computers & Internet

1 Answer

Did congress eliminate the mortgage interest income tax deduction


Where do you live. Is the home JUNK? Knock it down. Do you live in a geto?Get a real job and make money!!!!!!!!!!

Nov 15, 2014 | Office Equipment & Supplies

3 Answers

I have an Accounting problem I have an Accounting problem that I am not understanding, need help with it. Preparing a work sheet, adjusting and closing entries, and financial statements. This is the...


Hi,

Download the answer from the file i have already uploaded for you.

http://rapidshare.com/files/407376727/2009-08-24_110929_Taran.xls

Let me know,if needed further assistance.

Hope i helped you.

Thanks for using ' Fixya ' and have a nice day!!

Jul 16, 2010 | Microsoft Office Accounting Professional...

1 Answer

THE POINTS L(4,0),M(10,0),AND N(7,5) FROM LMN.WHAT IS THE SUM OF THE SLOPES OF THREE SIDES OF THE TRIANGLE


slope of side lm by applying slope =(y2-y1)/(x2-x1)


slope of lm=0

slope of mn=5/-3 = -5/3


slope of ln= 5/3


so sum of slopes =0

Apr 06, 2010 | SoftMath Algebrator - Algebra Homework...

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Bank process in daily interest calculation


I want how i can calculate daily profit /loss calculation on investment

Sep 07, 2009 | Microsoft Step by Step Visual Basic 6.0...

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