How much can you deduct for AGI for the following scenarios? Provide an explanation for possible partial credit. (only asking how much For AGI deduction can you claim in each scenario, I do not ask for the calculation of AGI)

• Austin is a Graduate student. His gross income for 2020 is $25k from his Research assistant job. Austin pays $18k for his tuition in 2020 from his out-of-pocket money.
• Anna is a non-active, non-managing, partner in AnnaBanana LLC. Her tax basis in the partnership is $10k. Her share of loss from the partnership is $12k.

Allison contributes $4k to her traditional IRA.

Answer rating: 100% (QA)

For Austin Total income is 25000 which is less than 60000 Hence he will get deduction of ... View the full answer