This Year Riley Files Single and Reports Modified AGI of $71,000

question 76

Multiple Choice

This year Riley files single and reports modified AGI of $71,000. Riley paid $1,200 of interest on a qualified education loan. What amounts can Riley deduct for qualifying education interest?

• A) The deduction for qualifying education interest is $1,200.
• B) The deduction for qualifying education interest is $1,000.
• C) The deduction for qualifying education interest is $720.
• D) The deduction for qualifying education interest is $200.
• E) None of the choices are correct.

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Definitions:

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Financial assistance provided by the federal government to support states, municipalities, individuals, and other entities in various areas such as education and healthcare.

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A United States Senator known for leading a campaign against supposed communist infiltration in government and society during the early 1950s.

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