A Single Taxpayer,studying for His Master's Degree,has an AGI of $57,000.In

question 30

Multiple Choice

A single taxpayer,studying for his master's degree,has an AGI of $57,000.In 2015 he paid $8,000 for college tuition and $2,500 interest on his student loan.In 2015:

• A)He may deduct $2,500 of student loan interest and claim a lifetime learning credit of $1,600.
• B)He may deduct $2,500 of student loan interest but must begin to phase out his $1,600 lifetime learning credit.
• C)He must begin to phase out part of his deductions for both student loan interest and his college tuition.
• D)He gets no deduction for student loan interest and must reduce his deduction for college tuition.