Question 27
2 pts
John just received his student loan statement that indicates that he has paid $3,500 of
interest during this tax year on his student loan which was originally used for qualified higher
education expenses. His AGI is $35,000. How much of the interest may he deduct?
$2,500 as an adjustment to income.
$1,500 as an itemized deduction.
$3,000 as an itemized deduction.
$1,000 as an adjustment to income.