! 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 $31,500 from County Bank and paid interest of $1,890. 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. $ 83,244 X Interest deduction
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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 $25,500 from County Bank and paid interest of $1,530 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 $79,000. interest deduction TRequired 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 $1,830. 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. X Answer is complete but not entirely correct. Interest deduction $ 0xLionel 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 $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.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 opplicable.) b. Llonel's AGI before deducting interest on higher-education loans is $79.000. Higher oducation expenses Interest deduction c. Lionel's AGI before deducting interest on higher-education loans is $90,000. Higher education expenses Interest deduction
- 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 deductionLionel 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 XLionel 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 deduction
- Richie is an unmarried law student at State University Law School, a qualified educational institution. This year Richie borrowed $24,000 from County Bank and paid interest of $1,440. Richie used the loan proceeds to pay his law school tuition. Calculate the amounts Richie can deduct for higher education expenses and interest on higher education loans under the following circumstances: Richie’s AGI before deducting interest on higher education loans is $50,000.Consider the following scenarios: i (Click the icon to view the scenarios.) Requirement For each scenario, indicate the amount that must be included in the taxpayer's gross income. a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. (Assume the tuition scholarship is less than the cost of tuition at Eastern Law School. Enter a "0" for any amounts that should not be included in the taxpayer's gross income.) The amount of tuition scholarship that Larry must include in his gross income is The amount of wages from the campus bookstore that Larry must include in his gross income is $ $ C 0 4,000 b. Marty received a $10,000 football scholarship for attending Northern University. The scholarship covered tuition, room and board, laundry, and books. Four thousand of the scholarship was designated for room and board and laundry. It was understood that Marty would participate in…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