How much can you deduct for AGI for the following scenarios? Provide an explanati for possible partial credit. (Remember that I only ask how much For AGI deduction you claim in each scenario, I do not ask for the calculation of AGI) a. Austin is a Graduate student. His gross income for 2022 is $25k from his Researc assistant job. Austin paid $18k for his tuition in 2022 from his out-of-pocket money. b. Anna is a non-active, non-managing, partner in AnnaBanana LLC. Her tax basis in the partnership is $10k. Her share of the loss from the partnership is $12k. c. Allison contributed $4k to her traditional IRA.
How much can you deduct for AGI for the following scenarios? Provide an explanati for possible partial credit. (Remember that I only ask how much For AGI deduction you claim in each scenario, I do not ask for the calculation of AGI) a. Austin is a Graduate student. His gross income for 2022 is $25k from his Researc assistant job. Austin paid $18k for his tuition in 2022 from his out-of-pocket money. b. Anna is a non-active, non-managing, partner in AnnaBanana LLC. Her tax basis in the partnership is $10k. Her share of the loss from the partnership is $12k. c. Allison contributed $4k to her traditional IRA.
Chapter6: Business Expenses
Section: Chapter Questions
Problem 56P
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C.33.
Transcribed Image Text:How much can you deduct for AGI for the following scenarios? Provide an explanation
for possible partial credit. (Remember that I only ask how much For AGI deduction can
you claim in each scenario, I do not ask for the calculation of AGI)
a. Austin is a Graduate student. His gross income for 2022 is $25k from his Research
assistant job. Austin paid $18k for his tuition in 2022 from his out-of-pocket money.
b. Anna is a non-active, non-managing, partner in AnnaBanana LLC. Her tax basis in
the partnership is $10k. Her share of the loss from the partnership is $12k.
c. Allison contributed $4k to her traditional IRA.
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