In 2018, Carlos, who is single, received his Bachelor's degree and started working. In 2019, he began paying interest on qualified education loans and had modified AGI of $75,000. He paid interest of $1,200 in 2019. Which of the following statements is correct?

Multiple Choice

• Due to the phase-out rules, only a portion of the $1,200 will be deductible.

• Taxpayers are not allowed a deduction for education loan interest in 2019.

• The full $1,200 is deductible in arriving at adjusted gross income.

• If his modified AGI had been $85,000, the phase-out rules would have reduced his deductible interest to zero.