In 2012 through 2016,Shannon borrowed a total of $35,000 for higher education expenses on qualified education loans while supporting herself with a full-time job.In 2016,she had modified adjusted gross income of $50,000.The first year interest on the loan was $850.The amount that Shannon can claim on her tax return is:

Question

Quizplus · Accepted Answer

Shannon can claim the full $850 of student loan interest as a deduction because her modified adjusted gross income is below the phase-out threshold for single filers, which was $65,000 in 2016.

In 2012 Through 2016,Shannon Borrowed a Total of $35,000 for Higher