Lewis is an unmarried law student at State University, a qualified educational institution.Last year Lewis borrowed $30,000 and used the proceeds to pay his university tuition.This year Lewis paid $1,500 of interest on the loan.Which of the following is a true statement if Lewis reports $40,000 of salary and no other items of income or expense?

Question

Quizplus · Accepted Answer

Lewis can deduct up to $2,500 of student loan interest for AGI (above the line), assuming he meets the income requirements. Since he paid $1,500 in interest and reports a salary of $40,000, he falls within the income limits for the full deduction and does not need to itemize to take this deduction.

Lewis Is an Unmarried Law Student at State University, a Qualified