In each of the following independent situations, determine how much, if any, qua
ID: 2449928 • Letter: I
Question
In each of the following independent situations, determine how much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses).
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If an amount is zero, enter 0.
a. Lily is single and is employed as an architect. During 2015, she spends $4,100 in tuition to attend law school at night. Her MAGI is $64,000.
How much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses)?
$ _____________ What is the amount of her deduction? $ ______________
How much, if any, of the above amount not allowed under § 222 might otherwise qualify as a deduction from AGI?
$ ______________
b. Liam is single and is employed as a pharmacist. During 2015, he spends $2,400 ($2,100 for tuition and $300 for books) to take a course in herbal supplements at a local university. His MAGI is $81,000.
How much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses)?
$ _____________ What is the amount of his deduction? $ ________________
How much, if any, of the above amounts not allowed under § 222 might otherwise qualify as a deduction from AGI?
$ ______________
c. Hailey is married and is employed as a bookkeeper. She spends $5,200 for tuition and $900 for books and supplies in her pursuit of a bachelor's degree in accounting. Her MAGI is $40,000 on the separate return she files.
How much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses)?
$ ________________
How much, if any, of the above amount not allowed under § 222 might otherwise qualify as a deduction from AGI?
$ ________________
d. John spends $6,500 of his savings on tuition to attend Carmine State College. John is claimed as a dependent by his parents.
How much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses)?
$ _________________
How much, if any, of the above amounts not allowed under § 222 might otherwise qualify as a deduction from AGI?
$ _________________
Explanation / Answer
Lily is single and is employed as an architect. During 2015, she spends $4,100 in tuition to attend law school at night. Her MAGI is $64,000.
How much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses)?
$ _____4000________ What is the amount of her deduction? $ ___4000___________
How much, if any, of the above amount not allowed under § 222 might otherwise qualify as a deduction from AGI?
$ _____100 under deduction for business or employment education as Misc itemized deduction._________
b. Liam is single and is employed as a pharmacist. During 2015, he spends $2,400 ($2,100 for tuition and $300 for books) to take a course in herbal supplements at a local university. His MAGI is $81,000.
How much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses)?
$ _______0______ What is the amount of his deduction? $ _0____(as AGI above $80,000)___________
How much, if any, of the above amounts not allowed under § 222 might otherwise qualify as a deduction from AGI?
$ 780_______( as Misc itemized deduction for Business and professional education expense) (amount over 2% of AGI)______
c. Hailey is married and is employed as a bookkeeper. She spends $5,200 for tuition and $900 for books and supplies in her pursuit of a bachelor's degree in accounting. Her MAGI is $40,000 on the separate return she files.
How much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses)?
$ ___0___(as married filing single return)__________
How much, if any, of the above amount not allowed under § 222 might otherwise qualify as a deduction from AGI?
$ _5300_____(as Misc Itemized deduction for Business and professional education) ( Above 2% of AGI)__________
d. John spends $6,500 of his savings on tuition to attend Carmine State College. John is claimed as a dependent by his parents.
How much, if any, qualifies as a deduction for AGI under § 222 (qualified tuition and related expenses)?
$ __0 ( As John himself pays the expense)_______________
How much, if any, of the above amounts not allowed under § 222 might otherwise qualify as a deduction from AGI?
$ _0_(As dependent pays the expense.)_______________
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