36. 37. The Grays took out a student loan for their son, Joel, each year he was in college. They have taken all allowable tax benets throughout his college career. Joel graduated in June of the tax year, turned age 24, and provided more than half of his own support. The Grays paid principal plus interest on the student loan throughout the tax year and will continue until it is paid off in three years. The Grays file jointly with modified AGI of $136,000. Can the Grays claim a student loan interest deduction on their tax return? a) They can claim a student loan interest deduction for the current tax year. b) They cannot ciaim a student loan interest deduction because they cannot claim Joel as their dependent. 0) They cannot claim a student loan interest deduction due to their income level. d) They cannot claim a student loan interest deduction because Joel did not attend college for more than half the current tax year. Regarding the Grays with $136,000 modified AGI and their son Joel, age 24, with $26,000 modified AGI, who can claim a tax benefit for tuition and fees paid during the current tax year? (Exclude Student Loan Interest Deduction from this question.) a) Only the Grays can claim the Lifetime Learning Credit, American Opportunity Credit (if Joel qualies), or the Tuition and Fees Deduction, whichever is more beneciai. b) Only Joel can claim the Lifetime Learning Credit, the American Opportunity Credit (if he qualifies), or the Tuition and Fees Deduction, whichever is more beneficial. 0) Either the Grays or Joel (but not both) can claim the education tax benet. d) Neither the Grays nor Joel can claim an education tax benet