Marcia,who Is Single,finished Graduate School This Year and Began Repaying

question 55

Multiple Choice

Marcia,who is single,finished graduate school this year and began repaying her student loan.The proceeds of the loan were used to pay her qualified higher education expenses.She has not received any type of educational assistance or scholarships.The amount of interest paid during the year amounted to $3,000.What is the amount and classification of her student loan interest deduction if her AGI is $68,000?

• A)$500 for AGI
• B)$2,000 for AGI
• C)$2,500 for AGI
• D)$3,000 for AGI

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Definitions:

Oracle

A system or medium through which advice or prophecy was sought in the ancient world, or a source of wise counsel or prophetic predictions in modern usage.

Inherit Wealth

Receiving assets, money, or property from a deceased person's estate based on legal succession or a will.

Social Stratification

A system by which society ranks categories of people in a hierarchy based on factors like wealth, income, race, education, and power, affecting their access to resources and opportunities.

Swept Away

Completely removed, eliminated, or overtaken by a powerful force.