Question

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 $79,000.  

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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: b. Lionel's AGI before deducting interest on higher-education loans is $79,000. what is deductible interest expense?
Lionel is an unmarried law student at State University Law School, a qualified education institution. This...
Lionel is an unmarried law student at State University Law School, a qualified education 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: (Leave no answer blank. Enter zero if applicable.) 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 $24,000 from County Bank and paid interest of $1,440. 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 $76,000.
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 $27,500 from County Bank and paid interest of $1,650. 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.) b. Lionel's AGI before deducting interest on higher-education loans is $79,000. What is the...
1. The following information applies to the questions displayed below.] Lionel is an unmarried law student...
1. 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 $27,500 from County Bank and paid interest of $1,650. 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 AGI before...
1. Clem is married and is a skilled carpenter. Clem’s wife, Wanda, works part-time as a...
1. Clem is married and is a skilled carpenter. Clem’s wife, Wanda, works part-time as a substitute grade school teacher. Clem paid self-employment tax of $14,000 (the employer portion is $7,000) and Wanda had $4,000 of Social Security taxes withheld from her pay. Determine the amount of Clem’s expenses that are deductible for AGI this year. 2.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...
Matt and Carrie are married, have two children, and file a joint return. Their daughter Katie...
Matt and Carrie are married, have two children, and file a joint return. Their daughter Katie is 19 years old and is a full-time student at State University. During 2017, she completed her freshman year and one semester as a sophomore. Katie’s expenses while she was away at school during the year were as follows: Use Tax Rate Schedule for reference.     Tuition $ 5,020 Class fees 305 Books 505 Room and board 4,510 Katie received a half-tuition scholarship that...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT