Multiple Choice
In 2015,Carlos,who is single,received his Bachelor's degree and started working.In 2016,he began paying interest on qualified education loans and had modified AGI of $70,000.He paid interest of $1,200 in 2016.Which of the following statements is correct?
A) Due to the phase-out rules,only a portion of the $1,200 will be deductible.
B) Taxpayers are not allowed a deduction for education loan interest in 2016.
C) The full $1,200 is deductible in arriving at adjusted gross income.
D) If his modified AGI had been $75,000,the phase-out rules would have reduced his deductible interest to zero.
Correct Answer:
Verified
Correct Answer:
Verified
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