Question
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $27,000 from County Bank and paid
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $27,000 from County Bank and paid interest of $1,620. 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:
b. Lionel's AGI before deducting interest on higher-education loans is $79,000.
Higher education expenses $____
Interest deduction $_____
Can you please provide an explanation to help me understand? Thank you!
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