Question: This year Jack intends to file a married-joint return. Jack received $179,600 of salary, and paid $8,150 of interest on loans used to pay
This year Jack intends to file a married-joint return. Jack received $179,600 of salary, and paid $8,150 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $9,000 and $29,400 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is Jack's adjusted gross income? b. Suppose that Jack also reported income of $12,900 from a half share of profits from a partnership. Disregard any potentlal self- employment taxes on this income. What AGI would Jack report under these circumstances?
Step by Step Solution
3.47 Rating (157 Votes )
There are 3 Steps involved in it
a Salary 179600 Less Alimony 29400 Moving Expense deduction 9000 Modifi... View full answer
Get step-by-step solutions from verified subject matter experts
