Ch4 outline

Ch4 outline - ACCT 3221 CH 4 ADJUSTMENTS FOR AGI Student...

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ACCT 3221 – CH 4 – ADJUSTMENTS FOR AGI Student Loan Interest o Can take a deduction for an amount equal to the interest paid during the year on a qualified loan o Only the person legally obligated to make the interest payments can take the deduction o A dependent cannot claim the deduction, nor can those filing MFS o Limited to $2,500 per year o Qualified Education Loan Solely to pay for ed. exp. Recipient must carry half the normal full workload (undergrad or grad) o Qualified Education Expenses Cost of attending eligible educational institution (tuition, fees, books, supplies, equipment, room, board, transportation etc) Reduce by scholarships or other income earned at institution Health Savings Account Deduction o Tax exempt savings acct used for qualified medical expenses o For AGI deduction for contributions to HAS o Must be under 65, self employed or have hdhp or no health plan o Cannot be a dependent o Cannot be enrolled in medicare o Cannot have other health ins except for accidents…
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This note was uploaded on 03/30/2012 for the course ACCT 3221 taught by Professor Armentor during the Spring '08 term at LSU.

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Ch4 outline - ACCT 3221 CH 4 ADJUSTMENTS FOR AGI Student...

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