2/21 Chapter 9 Class Notes

Question 1

Where can you deduct educational expenses

Answer 1

1. 4000 in tuition for AGI deduction
2. Credit American Opportunity Credit 2500
3. Lifetime Learning Credit 20% of 10000
4. From AGI deduction, itemized 2% of AGI

Question 2

Reimbursed expenses

Answer 2

Accountable plans can be deducted as for AGI deduction, nonaccountable plans can deduct as an itemized deduction with 2% of AGI