Henry graduated from the University of Maryland in 2013. In 2015, to take advantage of lower interest rates, he refinanced his qualified education loans with another qualified student loan. He is not a dependent on another person's tax return. Before AGI limits, what is the maximum deduction available to him for the $3,200 he paid for educational student loan interest in 2015?

Question

Quizplus · Accepted Answer

As Henry's filing status is single and he is not a dependent on another person's tax return, he can take the full deduction of $2,500 as long as his modified adjusted gross income (MAGI) is less than $65,000. There are no AGI limits for the student loan interest deduction. Therefore, the correct answer is C.

Henry Graduated from the University of Maryland in 2013