Question by Ronda F: what is Carolyn’s deduction from and for AGI?
Carolyn is single and has a college degree in finance. She is employed as a loan officer at a bank; her yearly AGI approximates $ 50,000. During 2005, she enrolled in a weekend MBA program and incurred the following nonreimbursed expenses: $ 3,900 (tuition), $ 300 (books), $ 200 (other school supplies), and $ 200 (transportation to and from campus). Disregarding the 2%-of-AGI limitation, as to the MBA program, Carolyn has a:
Best answer:
Answer by jo_in_az
Carolyn’s non-reimbursed business expenses do not exceed the standard deduction for 2005 (Single $ 5000). Therefore, she should use the Tuition and Fees deduction to drop her AGI by $ 3,900. She cannot claim the books, other school supplies or transportation expenses without using Schedule A–and without other deductions, she’d be better off lowering her AGI.
Her AGI would be $ 46,100 – $ 5,000 Std Ded – $ 3200 Pers Exemption for a Taxable Income of $ 37,900.
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Tagged as Answer, business expenses, Carolyn's, College, College Degree, Deduction, degree, from, loan officer, loan., ronda, School Supplies, standard deduction for 2005, Taxable Income, Transportation, transportation expenses, tuition and fees, weekend mba program