Question
This year Jack intends to file a married-joint return with two dependents. Jack received $175,400 of salary and paid $5,350 of interest on loans used
This year Jack intends to file a married-joint return with two dependents. Jack received $175,400 of salary and paid $5,350 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 $8,150 and $28,700 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 AGI.
B. Suppose that jack also reported income of $11,800 from a half share of profits from a partnership. Disregad 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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