(SOLVED) Simon graduated from Lessard University last

year He financed h
Simon graduated from Lessard University last year. He financed his education by working part-
time and borrowing $16,000. During the current year, he pays $1,400 of interest on his student
loan.a. What amount can Simon deduct as student loan interest if his adjusted gross income is
$33,000?b. What amount can Simon […]

Martha graduated from Tassle Tech and immediately started working as an accountant for
Creedon Industries. To finance her college education, she borrowed $23,000 from a local bank,
and pays $1,800 of interest expense during the year. Her adjusted gross income for the year is
$39,000.a. What amount can Martha deduct […]

Lleyton is single and has adjusted gross income for the year of $58,000. He works as a
marketing manager for a national clothing store. During the year, he enrolls in two business
courses at Heath University. Even though the courses improve his job skills, his company does
not reimburse him […]

Gary and Patricia are divorced and have three children, ages 9, 6, and 2. Patricia has custody
of the children and is entitled to the dependency exemption for each child. Their adjusted gross
incomes are $48,000 and $61,000, respectively. During the current year, Gary contributes
$1,500 to each child’s Coverdell […]

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Alex and Carmin are married and have two children, ages 6 and 3. Their adjusted gross income
for the year is $123,000. What is the maximum amount they can contribute to each child’s
Coverdell Education Savings Account for the year? If their adjusted gross income is $208,000,
what is the […]

Kevin and Jill are married and file a joint return. Kevin is 52 and is not an active participant in a
qualified employee pension plan, while Jill is 48 and is an active participant in a qualified
employee pension plan. Determine the maximum Roth IRA contribution that can be made […]

Chanda is 36, single, and an active participant in a qualified employee pension plan. Determine
the maximum Roth IRA contribution that she can make in each of the following cases:a. Her
adjusted gross income for the year is $66,000.b. Her adjusted gross income for the year is
$110,000.c. Her adjusted […]

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