This year, Jong paid $3,000 of interest on a qualified education loan. Jong files married filing joint and reports modified AGI of $147,000. What is Jong's deduction for interest expense on an educational loan?
A) $2,500.
B) $3,000.
C) $1,500.
D) $1,000.
E) None of the choices are correct.
Correct Answer:
Verified
Q20: Taxpayers are allowed to deduct mortgage interest
Q21: Bunching itemized deductions is one form of
Q22: The deduction to individual taxpayers for charitable
Q23: The deduction for investment interest in excess
Q24: Which of the following is a True
Q26: Which of the following is a True
Q27: Which of the following is a True
Q28: Congress allows self-employed taxpayers to deduct the
Q29: To qualify as a charitable deduction the
Q30: Which of the following is a True
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents