This Fall, Josh Paid $5,000 for His Tuition and Fees

question 82

Multiple Choice

This fall, Josh paid $5,000 for his tuition and fees at State University (a qualified education institution) . Assume that Josh is Marsha and Jeff's son and that Marsha and Jeff claim Josh as a dependent. Marsha and Jeff's modified AGI is $100,000. How much of Josh's $5,000 tuition and fees payments can Marsha and Jeff deduct this year (assume the 2013 rules apply for purposes of the qualified education expense deduction) ?

• A) Marsha and Jeff can deduct $5,000 for AGI.
• B) Marsha and Jeff can deduct $4,000 for AGI.
• C) Marsha and Jeff can deduct $2,500 for AGI.
• D) Marsha and Jeff can deduct $2,000 for AGI.
• E) None - the tuition is not deductible by Marsha and Jeff.

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Definitions:

Virions

The complete, infective form of a virus outside a host cell, consisting of RNA or DNA within a protective protein coat.

Adapt

The process by which organisms become better suited to their environment through changes in traits that improve survival and reproduction.

Mutations

Changes in the DNA sequence of a cell's genome, often resulting in genetic variation and potentially leading to evolutionary changes.

Descent With Modification

Descent with modification refers to the passing of traits from parents to offspring. Darwin recognized that, over time, this process could account for gradual change in species’ traits and homology.