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 higher education expenses and interest on higher-education loans under the following circumstances: (Leave no answer blank. Enter zero if applicable.) c. Lionel's AGI before deducting interest on higher-education loans is $90,000.
The answer is 0 (zero)
Lionel is not allowed to deduct any qualified educational
interest expense computed as follows:
90000-1440(lesser of amount paid or 2500)*100%
=1440(phase out amount)
Deductible int exp=amount of interest paid up to 2500-phase out
amount
Lionel is also not allowed to deduct any qualified education
expenses because his modified AGI exceeds $80,000.
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 $32,500 from County Bank and paid interest of $1,950. 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 is $50,000. Calculate deductible interest expense... b. Lionel's AGI before...
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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 $34,500 from County Bank and paid interest of $2,070. 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: (Leave no answer blank. Enter zero if applicable.) a. Lionel's...
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