Question
This year Jack intends to file a married-joint return with two dependents. Jack received $176,200 of salary and paid $7,500 of interest on loans used
This year Jack intends to file a married-joint return with two dependents. Jack received $176,200 of salary and paid $7,500 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 $4,750 and $33,900 of alimony to his ex-wife, who divorced him in 2012.
A.) What is Jack's adjusted gross income?
B.) Suppose that Jake also reported income of $10,400 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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