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EastWind [94]
3 years ago
10

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowe

d $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 deducting interest on higher-education loans is $50,000..
Business
1 answer:
UNO [17]3 years ago
7 0

Answer:

Since 2019, the deduction limit for interest expense deductions on qualified higher education loans is $2,500. In order to qualify for this deduction, the taxpayer's adjusted AGI must be less than $85,000 for single filers (Lionel's income is below the threshold).

So Lionel will be able to deduct $1,650 as interest expense (above the line deduction).

Lionel can also deduct $2,500 form the American Opportunity Tax Credit for higher education expenses.

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However, supply in the market for coffee is less elastic than supply in the market for hot cocoa because the elasticity of supply for coffee is less than that of hot coffee.

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