Question
This year Jack intends to file a married-joint return. Jack received $181,000 of salary, and paid $5,650 of interest on loans used to pay qualified
This year Jack intends to file a married-joint return. Jack received $181,000 of salary, and paid $5,650 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $7,700 and $29,100 of alimony to his ex-wife, Diane, who divorced him in 2012.
What is Jack's adjusted gross income?
Suppose that Jack also reported income of $9,800 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?
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
