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- Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed$24,000from 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: Note: Leave no answer blank. Enter zero if applicable. a. Lionel's AGI before deducting interest on higher-education loans is$50,000.Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $34,000 from County Bank and paid interest of $2,040. 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: Note: Leave no answer blank. Enter zero if applicable. b. Lionel's AGI before deducting interest on higher-education loans is $84,000. Answer is complete but not entirely correct. $ Interest deduction 1,496 X6. Leslie who is single, finished graduate school this year and began repaying her student loan. The proceeds of the loan were used to pay her qualified higher education expenses. She has not received any type of educational assistance or scholarships. The amount of interest paid during the year amounted to $3,800. What is the amount and classification of her student loan interest education deduction if her modified AGI is $20,000.
- Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $29,000 from County Bank and paid interest of $1,740. 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: Note: Leave no answer blank. Enter zero if applicable. 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. c. Lionel's AGI before deducting interest on higher-education loans is $90,000Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $35,500 from County Bank and paid interest of $2,130. 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: Note: Leave no answer blank. Enter zero if applicable. a. Lionel's AGI before deducting interest on higher-education loans is $50,000.Carrie, a single taxpayer, finished her undergraduate degree using money from a student loan. She earned $56,000 her first year and paid $2,600 in interest in 2021. She can take a deduction for student loan interest in the amount of: a.$0 b.$2,500 c.$2,600 d.$1,500 e.None of these choices are correct
- 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 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. Higher education expenses Interest deduction c. Lionel's AGI before deducting interest on higher-education loans is $90,000. Higher education expenses Interest deductionLionel 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: a. Lionel's AGI before deducting interest on higher-education loans is $50,000.Rex Luther is an Anesthesiologist. He is single and has an adjusted gross income of $244,500. He paid $5,200 in student loan interest in 2022. How much can he deduct in student loan interest as an adjustment to his income?
- Rebecca has a loan with 1st Town bank for $5,000. She lost her job several months ago and defaulted on the loan. The bank forgave the $5,000 loan. Prior to the debt forgiveness, she owned $10,000 in assets. Her total liabilities before the debt forgiveness were $12,000. How much will Rebecca have to report as taxable debt forgiveness on her tax return? Group of answer choices $0. $2,500. $3,000. $5,000.Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $28,500 from County Bank and paid interest of $1,710. 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.) Problem 6-31 Part-a (Algo) a. Lionel's AGI before deducting interest on higher-education loans is $50,000. Higher education expenses Interest deductionThis fall Millie finally repaid her student loan. She originally borrowed the money to pay tuition several years ago when she attended at State University (a qualified educational institution). This year Millie paid a total of $2,400 of interest on the loan. If Millie files single and reports $80,000 of income and no other items of income or expense how much of the interest can she deduct? Millie can deduct $2,400 for AGI. O Millie can deduct $1,600 for AGI. Millie can deduct $2,400 as an itemized deduction. O Millie can deduct $800 for AGI. None- the tuition is not deductible.
