Question
Jason Ready attended the University of San Diego during 20142018 under the Army ROTC program. Excluding the school expenses covered by his ROTC scholarship, he
Jason Ready attended the University of San Diego during 20142018 under the Army ROTC program. Excluding the school expenses covered by his ROTC scholarship, he incurred additional school expenses of $10,000 in total for his education, and $1,500 of that amount was incurred in 2018 for his last semester. To finance these expenses, he borrowed $7,000 through a federal student loan program and borrowed another $3,000 from SoCal Credit Union for educational purposes. After graduation, he received his officers commission and was ordered to report to the Military Entrance Processing Station in Portland OR for duty. He lives off base at 4560 Ranch Drive, Portland, OR 97035. His social security number is 412-34-5670 (date of birth 7/10/1996). Jason had qualifying health care coverage at all times during the tax year.
His W-2 contained the following information:
Wages (box 1) | = | $ | 67,533.05 | |
Federal W/H (box 2) | = | $ | 8,104.95 | |
Social security wages (box 3) | = | $ | 67,533.05 | |
Social security W/H (box 4) | = | $ | 4,187.05 | |
Medicare wages (box 5) | = | $ | 67,533.05 | |
Medicare W/H (box 6) | = | $ | 979.23 | |
In moving to Portland, he incurred the following unremibursed moving expenses:
$495 in gasoline. $295 for renting a truck from IGOTYA rentals. $125 in food. $465 for motel lodging on the way to Portland.
He also received two Forms 1098-E. One was from the federal student loan program, which showed $450 of student loan interest; the other was from SoCal Credit Union and showed $150.75 of student loan interest.
Prepare a Form 1040, a Form 3903, and a Student Loan Interest Deduction Worksheet
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