Lionel is an unmarried law student at State University Law School, a qualified educational institution. This...

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher education loans under the following circumstances:

Lionel's AGI before deducting interest on higher-education loans is $50,000. What is the deductible Interest Expense?

Lionel's AGI before deducting interest on higher-education loans is $74,000. What is the Deductible Interest Expense?

Lionel's AGI before deducting interest on higher-education loans is $90,000. What is the Deductible Interest Expense?

Expert Solution

ekkarill92 answered 1 year ago

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This...

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,840. Lionel used the loan proceeds to pay his law school tuition. Calculate the amount Lionel can deduct for interest on higher education loans. Lionel’s AGI before deducting interest on higher education loans is $82,000. Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year Tim paid...

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This...

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $27,000 from County Bank and paid interest of $1,620. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for higher education expenses and interest on higher-education loans under the following circumstances: a. Lionel's AGI before deducting interest on higher-education loans is $50,000. b. Lionel's AGI before deducting interest on higher-education loans is $79,000....

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This...

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $30,000 from County Bank and paid interest of $1,800. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher-education loans under the following circumstances: a. Lionel's AGI before deducting interest on higher-education loans is $50,000. Deductible interest expense: b. Lionel's AGI before deducting interest on higher-education loans is $90,000. Deductible...

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6) Tuition and fees at Eastern Washington University Suppose state law allows the university to increase...

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