Collin and Christine Are Married and File Joint

question 7

Short Answer

Collin and Christine are married and file joint. Their dependent son, Trevor, is a full-time college student at a qualified educational institution. This year Collin and Christine borrowed $30,000 to pay for Trevor's tuition ($22,000) and room and board ($8,000). At year end Collin paid $3,200 in interest on the loan. What amounts can Collin and Christine deduct for interest and education expenses if they estimate that their AGI will be $133,000 absent any deductions for AGI (assume the 2013 rules apply for purposes of the qualified education expense deduction)?

---

Definitions:

Gene For Epilepsy

Gene for epilepsy indicates specific genetic variations that increase the likelihood of developing epilepsy, a neurological condition characterized by recurrent seizures.

Development

The process of change and growth in physical, emotional, intellectual, and social dimensions from birth through the lifespan.

Nurture

The process of caring for and encouraging the growth or development of someone or something.