Answer to Question #43369 in Economics of Enterprise for Seth Morgan
Evan is employed as an assistant manager in the furniture division of a national chain of department stores. He is a recent college graduate with a degree in marketing. During 2011, he enrolls in the evening MBA program of a local university and incurs the following expenses: tuition, $4,300; books and computer supplies, $900; transportation expense to and from the university, $350; and meals while on campus, $300. Evan is single and his annual AGI is less than $65,000. Regarding these expenses, what are Evan's:
I. Deductions for AGI?
II. Deductions from AGI?
2011 expenses: tuition, $4,300; books and supplies, $900; transportation, $350; meals, $300. Annual AGI is less than $65,000. Regarding these expenses, Evan's deductions for AGI will be: Deductions = 4300 + 900 + 350 + 300 = $5,850 Deductions from AGI = 65,000 - 5,850 = $59,150