Question: This year Jack intends to file a married-joint return with two dependents. Jack received $168,000 of salary and paid $8,950 of interest on loans used
| This year Jack intends to file a married-joint return with two dependents. Jack received $168,000 of salary and paid $8,950 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualified moving expenses of $6,100 and $24,800 of alimony. (Do not round intermediate calculations.) |
| a. | What is Jack's adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI. |
Jack's Agi ?
| b. | Suppose that Jack also reported income of $10,100 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Again, assume that Jack will opt to treat tax items in a manner to minimize his AGI. |
jack's agi ?
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