In 2013 through 2016, Korey, who is single, borrowed a total of $25,000 for higher education expenses

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In 2013 through 2016, Korey, who is single, borrowed a total of $25,000 for higher education expenses on qualified education loans. In 2017, while still living at home and being claimed by his parents as a dependent, he began making payments on the loan. The first year’s interest on the loan was reported as $550 and his AGI for the year was less than $65,000.  The amount that Korey can claim on his tax return is:

a.  $0.

b.  $225.

c.  $340.

d.  $550.

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Fundamentals Of Taxation 2018

ISBN: 9781259713736

11th Edition

Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

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