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

question 45

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 these are falsE.Up to $2,500 of interest on student loans is deductible for AGI.The interest deduction is phased-out for single taxpayers with AGI exceeding $60,000.

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Definitions:

Unconditional Love

A type of affection and care given without any expectations or limitations, often considered the purest form of love.

Healthy Personality

A concept referring to an individual's psychological state, characterized by well-being, adaptive coping strategies, resilience, and the capacity for growth and relationships.

Ego Needs

Refers to the psychological needs that relate to an individual's self-esteem, personal worth, and social recognition.

Humanistic Approach

A perspective within psychology that emphasizes the study of the whole person, looking at human behavior through the eyes of the observer and the person doing the behaving.