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: (Leave no answer blank. Enter zero if applicable.)Lionel's AGI before deducting interest on higher education loans is $74,000.

The correct answer is $1,056.

Explanation:

According to the scenario, the computation of the given data are as follows:

If AGI is less than $70,000 than maximum deduction = $2,500

Then the second Phase is start at $70,000 and ends at $85,000.

Modified AGI = $74,000

Interest on loan = $1,440

So, we can calculate the amounts Lionel can deduct for interest on higher-education loans by using following formula:

Deduction for Interest = Total interest paid - Amount disallowed

Where, Amount disallowed = ($74,000 - $70,000) ÷ ($85,000 - $70,000) × $1,440

= ($4,000) ÷ ($15,000) × $1,440

= $384

So, by putting the value, we get

Deduction for Interest = $1,440 - $384

= $1,056

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