Charde, who is single, had a student loan for qualified education expenses on which interest was due. For 2015, the total interest payments were $2,000. Assuming she has AGI under $65,000, how much may she deduct in arriving at adjusted gross income for 2015?

Question

Quizplus · Accepted Answer

For 2015, the maximum student loan interest deduction is $2,500. Since Charde's interest payments were $2,000 and her AGI is under the phase-out threshold, she can deduct the full $2,000.

Charde, Who Is Single, Had a Student Loan for Qualified