Lewis Is an Unmarried Law Student at State University, a Qualified

question 64

Multiple Choice

Lewis is an unmarried law student at State University, a qualified educational institution.Last year Lewis borrowed $30,000 and used the proceeds to pay his university tuition.This year Lewis paid $1,500 of interest on the loan.Which of the following is a true statement if Lewis reports $40,000 of salary and no other items of income or expense?

• A)Lewis can deduct all the interest on his student loan for AGI.
• B)Lewis can deduct all the interest on his student loan as an itemized deduction.
• C)Lewis can only deduct $1,000 of the interest on his student loan for AGI.
• D)Lewis can only deduct $1,000 of the interest on his student loan as an itemized deduction.
• E)All of the choices are incorrect.

---

Definitions:

Punished

To subject someone to a penalty or consequence for a mistake or wrongdoing.

Consequences

Consequences refer to outcomes or effects that directly result from actions or conditions, often implying a reaction to what has been done or what has occurred.

Accomplish

To achieve or complete successfully a task, goal, or objective.

Chance

The occurrence of events without apparent cause, or the unpredictable and uncontrollable aspect of happenings.