Question: This year Diane intends to file a married-joint return. Diane received $180,500 of salary and paid $8,750 of interest on loans used to pay qualified

This year Diane intends to file a married-joint return. Diane received $180,500 of salary and paid $8,750 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $6,050 and $29,800 of alimony to her ex-spouse, Jack, who she divorced in 2012. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. What is Diane's adjusted gross income? b. Suppose that Diane also reported income of $8,700 from a haif share of profits from a partnership. Disregard any potential selfemployment taxes on this income. What AGl would Diane report under these circumstances? This year Diane intends to file a married-joint return. Diane received $180,500 of salary and paid $8,750 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $6,050 and $29,800 of alimony to her ex-spouse, Jack, who she divorced in 2012. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. What is Diane's adjusted gross income? b. Suppose that Diane also reported income of $8,700 from a haif share of profits from a partnership. Disregard any potential selfemployment taxes on this income. What AGl would Diane report under these circumstances
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
