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Calculate the amounts lionel can deduct for interest

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Reference no: EM132987367

Problem 1: 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:

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 $90,000.

Reference no: EM132987367

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