Question
This year Jack intends to file a married-joint return. Jack received $170,000 of salary and paid $7,250 of interest on loans used to pay qualified
This year Jack intends to file a married-joint return. Jack received $170,000 of salary and paid $7,250 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,450 and $30,300 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
a. What is Jack's adjusted gross income? Jack's AGI? b. Suppose that Jack also reported income of $13,100 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? Jack's AGI?
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