Question
John is single and has a bachelors degree in finance. John has an AGI of 60,000, self-employed, and runs his own financial advising practice. During
John is single and has a bachelors degree in finance. John has an AGI of 60,000, self-employed, and runs his own financial advising practice. During 2020, John enrolled in Saint Joeseph University's master's program, going for a MBA in finance. He spent most of the summer taking 5 graduate classes in Philadelphia, far from his hometown, where he paid the following expenses:
Tuition: $3,900
Books and Course Materials: $800
Lodging: $1,500
Meals: $2,000
Laundry and Dry Cleaning: $300
Throughout the summer, John drove his personal car 1,218 miles round trip to get from his home to school, and then back home again at the end of the summer. While enrolled in classes, John lived in a hotel that was close to the campus, he would walk to his classes from the hotel. What is John's total 2020 education expense deduction, including the qualified tuition deduction?
A. $4,700
B. $7,200
C. $8,200
D. $8,500
E. $9,200
*I got $8,200 as my answer. I used the .575 cents/mile for automatic mileage deduction. Not sure I am doing this correctly.*
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started