Multiple Choice
In 2014, Robert, who is single, received his Bachelor's degree and started working. In 2015, he began paying interest on qualified education loans and had modified AGI of $70,000. He paid interest of $1,200 in 2015. Which of the following statements is correct?
A) The full $1,200 is deductible in arriving at adjusted gross income.
B) Taxpayers are not allowed a deduction for education loan interest in 2014.
C) If his modified AGI had been $75,000, the phase-out rules would have reduced his deductible interest to zero.
D) Due to the phase-out rules, only a portion of the $1,200 will be deductible.
Correct Answer:
Verified
Correct Answer:
Verified
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