In 2014 through 2017, Korey, who is single, borrowed a total of $25,000 for higher education expenses
Question:
In 2014 through 2017, Korey, who is single, borrowed a total of $25,000 for higher education expenses on qualified education loans. In 2018, while still living at home and being claimed by his parents as a dependent, he began making payments on the loan. The first year’s interest on the loan was reported as $550 and his AGI for the year was less than $65,000. The amount that Korey can claim on his 2018 tax return is:
a. $0.
b. $225.
c. $340.
d. $550.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamentals Of Taxation 2019
ISBN: 9781260158670
12th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
Question Posted: