This fall Millie finally repaid her student loan. She originally borrowed the money to pay tuition several years ago when she attended at State University (a qualified educational institution). This year Millie paid a total of $2,400 of interest on the loan. If Millie files single and reports $70,000 of income and no other items of income or expense how much of the interest can she deduct?
A. Millie can deduct $2,400 for AGI.
B. Millie can deduct $1,600 for AGI.
C. Millie can deduct $2,400 as an itemized deduction.
D. Millie can deduct $800 for AGI.
E. None - the tuition is not deductible.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “This fall Millie finally repaid her student loan. She originally borrowed the money to pay tuition several years ago when she attended at ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Assume you work for an employer who will contribute $60 a week for the next 20 years into a retirement plan for your benefit. At a discount rate of 9 percent, what is this employee benefit worth to you today?
Answers (1)
Matt Enterprises issued $200,000 of ten percent, five-year bonds with interest payable semiannually. Determine the issue price if the bonds are priced to yield (a) ten percent, (b) six percent, and (c) 12 percent.
Answers (1)
The marginal revenue product curve of a purely competitive seller declines solely because of the law of diminishing returns. select one: a. True b. False
Answers (1)
Though newton coal supply actually takes possession of coal from local mining companies, it never stores a single ounce of coal on its premises. instead, it simply arranges for the coal to be shipped directly from the mining company to its customers.
Answers (1)
You need a down payment of $17,200 in order to purchase your first home 4 years from today. You currently have $14,014 to invest. In order to achieve your goal, what nominal interest rate, compounded continuously, must you earn on this investment
Answers (1)
New Questions in Business
Brad Essary owned a small company that sold garden equipment. The equipment was expensive, and a perpetual system was maintained for control purposes.
Answers (1)
Why does Target use different hurdle rates for the store and credit cards (9% and 4%, respectively) ? What process would you use to estimate these discount rates to see if they are reasonable?
Answers (1)
Arguments against social responsibility
Answers (1)
When at work i take a bit of time settling in before starting my work tasks each day jump right in to my work as soon as i arrive at my job each day?
Answers (1)
Producer S brokered slightly more than $40,000 in insurance premiums last year. Based on this premium amount, what is the penalty (face) amount of the surety bond S is required to maintain in favor of the people of Illinois?
Answers (1)