Question
This fall Melissa finally repaid her student loan. She originally borrowed the money to pay tuition several years ago when she attended the State University(a
This fall Melissa finally repaid her student loan. She originally borrowed the money to pay tuition several years ago when she attended the State University(a qualified educational institution). This year Melissa paid a total of $2,400 of interest on the loan. If Melissa files single and report $70,000 of income and no other items of income or expense how much of the interest can she deduct? A. Melissa can take $1,400 as a credit. B. Melissa can deduct $1,600 for AGI. C. Melissa can deduct $2,400 as an itemized deduction. D. Melissa can deduct $2,400 for AGI. E. None of the above.
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