A single taxpayer, studying for his master's degree, has an AGI of $59,000.In 2019 he paid $8,000 for college tuition and $2,500 interest on his student loan.In 2019 the LLC phaseout range is $58,000-$68,000 and the loan phaseout begins at $70,000.
A) He may deduct $2,500 of student loan interest and claim a lifetime learning credit of $1,600.
B) He may deduct $2,500 of student loan interest but must begin to phase out his $1,600 lifetime learning credit.
C) He must begin to phase out part of his deductions for both student loan interest and his college tuition.
D) He gets no deduction for student loan interest and must reduce his deduction for college tuition.
Correct Answer:
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