Question
This year Jack intends to file a married-joint return. Jack received $173,600 of salary, and paid $6,950 of interest on loans used to pay qualified
This year Jack intends to file a married-joint return. Jack received $173,600 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 moving expenses of $5,550 and $31,800 of alimony to his ex-wife, Diane, who divorced him in 2012.
a. What is Jack's adjusted gross income?
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?
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
