1.Mr. and Mrs. Willet will file their 2022 tax return as married filing joint.  They have an AGI of 21,000, tax exempt income of 500, and social security benefits of 18,000 for the year.  What amount of their social security benefits must they include in their taxable income?

2.The phaseout range with regard to student loan interest deductibility is $70,000 - $85,000 for single taxpayers. Assume John is single, has AGI of $93,000 and paid $1,000 of interest on his student loans. How much student loan interest can John deduct for AGI?

3.During 2022, Marvin had the following transactions:
 

Salary	$90,000
Long term capital gain	3,000
Short term capital loss	8,000

 

Marvin's AGI is ?

4.Joe purchased a 20% interest in a partnership for $200,000. In 2022, the partnership generated $200,000 of taxable income, and Joe withdrew $10,000. 

 

What is Joe's gross income from the partnership in 2022?