Select what would happen to your 1) taxable income and 2) tax liability when you are able to claim a deduction such as student loan interest? Would they be higher or lower?

Question

Mathematics

Lilliana

31 December, 18:24

Select what would happen to your 1) taxable income and 2) tax liability when you are able to claim a deduction such as student loan interest? Would they be higher or lower?

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Andersen · Answer 1

When you are able to claim a deduction such as student loan interest would taxable income would be lower and your tax liability would go higher. The liability would increase since a loan is a debt. Hope this answers the question. Have a nice day.