uaiu ueduction is not. e. None of these. Rachel is single and has a college degr

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uaiu ueduction is not. e. None of these. Rachel is single and has a college degree in finance. She is e AGI approximates $ following nonr (transportation to and from has a: a. Deduction for and deduction from AGI of $o. b. Deduction for AGI of $4,000 and deduction from AGI of $800. c. Deduction for AGI of $4,000 and deduction from AGI of $700. d. Deduction for AGI of $4,100 and deduction from AGI of $700. e. None of these. mployed as a loan officer at a bank; her yearly mates $50,000. During the year, she enrolled in a weekend MBA program and inured te A program and incurred the $4,100 (tuition), $300 (books), $200 (other school supplies), and $200 reimbursed expenses: $4,100 (tuition), $300 (books), $200 (other school supplies) and $200 campus). Disregarding the 2%-of-AGI limitat ion, as to the MBA program, Rachel

Explanation / Answer

4) b) Deduction for AGI of $4000 and deduction from AGI of $800.

As per General Rule, if anyone incurs costs on education to maintain or improve his / her skills on current job, it can be claimed as Business Expenses subject to rules.

Rachel is eligible to claim the non-business deduction for up to $4,000 of M.B.A. tuition and related fees on Page 1 of Form 1040 under the rules and she is also eligible for deduction from AGI (upto 2% of AGI) for costs of non reimbursible MBA education in excess of the itemized deduction.

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