This year Jack intends to file a married-joint return. Jack received $172,500 of salary, and paid $5,000

Question:

This year Jack intends to file a married-joint return. Jack received $172,500 of salary, and paid $5,000 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,300 and $28,300 of alimony to his ex-wife, Diane, who divorced him in 2012.

a. What is Jack’s adjusted gross income?

b. Suppose that Jack also reported income of $8,800 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?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 50% (4 reviews)

a AGI is 142050 Jacks modified AGI calculated without adjustment for educational interest expense is ...View the full answer

Answered By

Shubhradeep Maity

I am an experienced and talented freelance writer passionate about creating high-quality content. I have over five years of experience working in the field and have collaborated with several renowned companies and clients in the SaaS industry. At Herman LLC, an online collective of writers, I generated 1,000+ views on my content and created journal content for 100+ clients on finance topics. My efforts led to a 60% increase in customer engagement for finance clients through revamping website pages and email interaction. Previously, at Gerhold, a data management platform using blockchain, I wrote and published over 50 articles on topics such as Business Finance, Scalability, and Financial Security. I managed four writing projects concurrently and increased the average salary per page from $4 to $7 in three months. In my previous role at Bernier, I created content for 40+ clients within the finance industry, increasing sales by up to 40%. I am an accomplished writer with a track record of delivering high-quality content on time and within budget. I am dedicated to helping my clients achieve their goals and providing exceptional results.

5.00+ 1+ Reviews 10+ Question Solved

Related Book For answer-question