A Single Taxpayer, Studying for His Master's Degree, Has an AGI

question 67

Multiple Choice

A single taxpayer, studying for his master's degree, has an AGI of $58,000. In 2018 he paid $8,000 for college tuition and $2,500 interest on his student loan. In 2018:

• 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.

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Definitions:

Eighteenth-Century Diplomacy

Refers to the conduct of international relations and negotiation tactics among European powers in the 18th century.

Bill of Rights 1689

A historic English document that laid down limits on the powers of the crown and established the rights of Parliament and rules for freedom of speech.

British Parliament

The supreme legislative body in the United Kingdom, composed of two houses: the House of Commons and the House of Lords, responsible for making laws and overseeing the government.

Monarch

A sovereign head of state, especially one who inherits the position by right of birth, ruling a monarchy.