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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 amount Lionel can deduct for interest on higher education loans. Lionels AGI before deducting interest on higher education loans is $76,000.

2. Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $51,000 and has incurred the following medical expenses:

Dentist charges $ 900 Physician's charges 1,800 Optical charges 500 Cost of eyeglasses 300 Hospital charges 2,100 Prescription drugs 250 Over-the-counter drugs 450 Medical insurance premiums (not through an exchange) 775

Calculate the amount of medical expenses that will be included with Simpsons itemized deductions after any applicable limitations.

3. Ray Ray made the following contributions this year.

Charity Property Cost FMV Athens Academy School cash $ 5,000 $5,000 United Way cash 4,000 4,000 American Heart Association Antique painting 15,000 75,000 First Methodist Church Coca Cola stock 12,000 21,000

Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990.

4. Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Stephanie reported $200 of earnings from her babysitting. Calculate the 2020 standard deduction Stephanie will claim (assume that Stephanies parents will claim her as a dependent).

5. Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Stephanie reported $1,400 of earnings from her babysitting. Calculate the 2020 standard deduction Stephanie will claim (assume that Stephanies parents will claim her as a dependent).

6. Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Stephanie reported $12,500 of earnings from her babysitting. Calculate the 2020 standard deduction Stephanie will claim (assume that Stephanies parents will claim her as a dependent).

7. Roquan is an attorney and practices as a sole proprietor. This year, Roquan had net business income of $90,000 from his law practice. Assume that Roquan pays $40,000 wages to his employees, he has $10,000 of property (unadjusted basis of equipment he purchased last year), has no capital gains or qualified dividends, and his taxable income before the deduction for qualified business income is $350,000. Calculate Roquans deduction for qualified business income.

8. Katie is a shareholder in Engineers One, a civil engineering company. This year, Katies share of net business income from Engineers One is $190,000. Assume that Katies allocation of wages paid by Engineers One to its employees is $300,000 and her allocation of Engineers Ones qualified property is $150,000 (unadjusted basis of equipment, all purchased within past three years). Assume Katie has no other business income, no capital gains or qualified dividends, and that her taxable income before the deduction for qualified business income is $400,000. Calculate Katies deduction for qualified business income.