Question

! 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 $36,500 from County Bank and paid interest of $2,190. 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.) a. Lionel's AGI before deducting interest on higher education loans is $50,000. Deductible interest expense

Answer 1

Solution 2190 can * In this scenario, the entire Amount of 앙 be claimed az deduction. Since the AGIų less than 65000 Loan Interest deduction can be Taken up to the amount of 2500 -> Deduction for the highen education be. used as extent 4000, where AGI is less than 65000 expense can / Deductible Intereçt expense 2190