In each of the following independent situations, determine how much, if any, qualifies as a deduction for AGI under section 222 (qualified tuition and related expenses): 1) Lily is single and is employed as an architect. During 2020, she spends $4,100 in tuition to attend law school at night. Her modified AGI (MAGI) is $64,000. 2) Liam is single and is employed as a pharmacist. During 2020, 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. 3) Hailey is married and is employed as a bookkeeper. She spends $5,200 for tuition and $900 for books and supplies pursuing a bachelor’s degree in accounting. Her MAGI is $40,000 on the separate return she files. 4)John spends $6,500 of his savings on tuition to attend Carmine State College, John is claimed as a dependent by his parents.
(LO.4 Federal
1) Lily is single and is employed as an architect. During 2020, she spends $4,100 in tuition to attend law school at night. Her modified AGI (MAGI) is $64,000.
2) Liam is single and is employed as a pharmacist. During 2020, 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.
3) Hailey is married and is employed as a bookkeeper. She spends $5,200 for tuition and $900 for books and supplies pursuing a bachelor’s degree in accounting. Her MAGI is $40,000 on the separate return she files.
4)John spends $6,500 of his savings on tuition to attend Carmine State College, John is claimed as a dependent by his parents.
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