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:

Political Affiliation

The alignment or identification of an individual with a particular political party or ideology.

Raising Taxes

The act of increasing the rates at which individuals or corporations are taxed by the government.

Conservative

A political and social philosophy that promotes retaining traditional institutions and values, favoring slow or minimal changes.

Single-Parent Homes

Households in which children live with only one of their parents, due to various reasons like divorce, separation, or death.