Shellie, a single individual, received her Bachelor's degree in 2017, and took a job with a salary of $45,000 per year. In 2018, she began paying interest on qualified education loans. She was able to pay $1,500 in 2018. 

Which of the following statements is correct? 

a. Taxpayers are not allowed a deduction for education loan interest in 2018. 

b. If her income had been $60,000, the deductible amount would have been phased out. 

c. If her payment had been $3,000, only $2,000 would have been deductible in arriving at AGI and the $1,000 excess would have been treated as nondeductible consumer interest. 

d. The full $1,500 is deductible in arriving at adjusted gross income (AGI).

Answer rating: 100% (QA)

Correct answer D ie The full 1500 is deductible in arriving at adjus... View the full answer