Daisy is a divorced single parent who is currently paying back a college loan, attending graduate school part-time, and working full-time earning $42,000. She has custody and provides all support for her child. Which of the following adjustments, deductions, or credits might apply to her?

Question

Quizplus · Accepted Answer

Daisy is eligible for all of the options listed. She can claim the adjustment for student loan interest since she is currently paying back a college loan while attending graduate school. As the custodial parent, she can claim the child tax credit for her dependent child. Additionally, she may be eligible for the child and dependent care credit since she is the primary caregiver and provider for her child. Lastly, as a graduate student, she may claim the lifetime learning tax credit.

Daisy Is a Divorced Single Parent Who Is Currently Paying