In 2015 through 2018, Korey, who is single, borrowed a total of $25,000 for higher education expenses
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In 2015 through 2018, Korey, who is single, borrowed a total of $25,000 for higher education expenses on qualified education loans. In 2019, 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 $70,000. The amount that Korey can claim on his 2019 tax return is:
a. $0.
b. $225.
c. $340.
d. $550.
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Related Book For
Fundamentals Of Taxation 2020 Edition
ISBN: 9781260483147
13th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
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