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I posted this question previously on Chegg and was answered incorrectly as show below: This year Jack intends to file a married-joint return with two
I posted this question previously on Chegg and was answered incorrectly as show below:
This year Jack intends to file a married-joint return with two dependents. Jack received $172,200 of salary and paid $9,800 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 $7,500 and $29,400 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 AG Jacks AGI b. Suppose that Jack also reported income of $13,000 from a half share of profits from a partnership. Disregard any potential selfemployment 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 Jacks AGI
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