Question
Required information Problem 6-42 (LO 6-1) [The following information applies to the questions displayed below.] This year Jack intends to file a married-joint return with
Required information Problem 6-42 (LO 6-1) [The following information applies to the questions displayed below.] This year Jack intends to file a married-joint return with two dependents. Jack received $168,600 of salary and paid $6,950 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 $5,550 and $28,000 of alimony. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Problem 6-42 Part-b b. Suppose that Jack also reported income of $12,650 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.
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