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Exercise 9-15 (LO. 3) Fred, who is self-employed, travels from Denver to Miami primarily on business. He spends five days conducting business and two days
Exercise 9-15 (LO. 3) Fred, who is self-employed, travels from Denver to Miami primarily on business. He spends five days conducting business and two days sightseeing. His expenses are $400 (airfare), $150 per day (meals), and $300 per night (lodging) If required, round your answers to the nearest dollar. Fred's deductible expenses are: Airfare: $ Lodging:$ Meals: 400 375 X 1,500 X Discussion Question 9-12 (LO. 6) Joey, age 49, who is single, is not covered by another qualified plan and earns $122,000 (AGI is also $122,000) in 2018. Click here to access Concept Summary 9.4 Carry out any division to four decimal places and use in subsequent computations. If required, round your final answers to the nearest dollar In 2018, he can contribute 5,500 V to a traditional IRA or to a Roth IRA Problem 9-30 (a) (LO. 4) Shelia, who is single, is employed as a full-time middle school teacher. The school district where she works recently instituted a policy requiring all of its teachers to start working on a master's degree. Pursuant to this new rule, Shelia spent most of the summer of 2018 taking graduate courses at an out-of-town university. Her MAGI is $70,000 and her expenses are as follows: Tuition Books and course materials Lodging Meals Campus parking $8,000 2,000 900 650 500 In addition, Shelia drove her personal automobile 4,800 miles in connection with the education. She uses the automatic mileage method Click here to access Exhibit 9.1. If an amount is zero, enter "O". a. How much, if any, of these expenses might qualify as deductions for AGI? 10,000 x
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