In 2011 Through 2014, Rory Borrowed a Total of $30,000
In 2011 through 2014, Rory borrowed a total of $30,000 for higher education expenses on qualified education loans. In 2015, while still living at home and being claimed by his parents as a dependent, he began making payments on the loan. The first year interest on the loan was reported as $1,750. The amount that Rory can claim on his tax return is:
Charde, who is single, had a student loan for qualified education expenses on which interest was due. For 2015, the total interest payments were $2,000. Assuming she has AGI under $65,000, how much may she deduct in arriving at adjusted gross income for 2015?
In 2014, Robert, who is single, received his Bachelor's degree and started working. In 2015, he began paying interest on qualified education loans and had modified AGI of $70,000. He paid interest of $1,200 in 2015. Which of the following statements is correct?
A) The full $1,200 is deductible in arriving at adjusted gross income.
B) Taxpayers are not allowed a deduction for education loan interest in 2014.
C) If his modified AGI had been $75,000, the phase-out rules would have reduced his deductible interest to zero.
D)Due to the phase-out rules, only a portion of the $1,200 will be deductible.
For a taxpayer to be eligible to fund a Health Savings Account (HSA), he or she must be:
A) An employee (or spouse) who works for an employer with a high deductible health plan.
B) An employee of a company that offers no health coverage and the employee has purchased a high deductible health plan on their own.
C) A self-employed individual.
D)All of these.