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

question 109

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 false.

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