![Required information Problem 6-29 (LO 6-1) [The following information applies to the questions displayed below.] Lionel is an](http://img.homeworklib.com/questions/0b127590-73f2-11ea-baa8-8d4e2d927521.png?x-oss-process=image/resize,w_560)
Homework Answers
Answer) $ 1152
Explanation:
Since his MAGI is between $70000 and $85000 , he can claim partial deduction.
1920 x (79000 - 70000) / (85000 - 70000)
1920 x 9000 / 15000 = 1152
*I'm assuming that question requires 2019 deductions.
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Required information Problem 6-29 (LO 6-1) [The following information applies to the questions displayed below.] Lionel...
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Required information The following information applies to the questions displayed below) Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $30,500 from County Bank and paid interest of $1830. 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 (Leave no answer blank. Enter zero if applicable.) b. Lionel's AGI before deducting interest...
Required information (The following information applies to the questions displayed below.) Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $26,000 from County Bank and paid interest of $1,560. 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: (Leave no answer blank. Enter zero if applicable.) b. Lionel's AGI before deducting interest on...
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