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.

---

Definitions:

Corticospinal Tract

A pathway in the central nervous system that conducts impulses from the brain to the spinal cord, controlling voluntary muscle movements.

Extrapyramidal Tract

A network of neurons in the brain involved in the coordination and control of motor functions, particularly those responsible for involuntary movements.

Myelin

A fatty substance that encases and insulates nerve fibers, speeding up electrical impulses between neurons and crucial for proper nervous system functions.

Demyelinating Process

A pathological condition in which the myelin sheath of nerve fibers is damaged, disrupting neural conductivity.