Multiple Choice
Shellie, a single individual, received her Bachelor's degree in 2015, and took a job with a salary of $45,000 per year. In 2016, she began paying interest on qualified education loans. She was able to pay $1,500 in 2016. Which of the following statements is correct?
A) The full $1,500 is deductible in arriving at adjusted gross income (AGI) .
B) If her payment had been $3,000, only $2,000 would have been deductible in arriving at AGI and the $1,000 excess would have been treated as nondeductible consumer interest.
C) If her income had been $60,000, the deductible amount would have been phased out.
D) Taxpayers are not allowed a deduction for education loan interest in 2016.
Correct Answer:
Verified
Correct Answer:
Verified
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