Question

This year Jack intends to file a married-joint return. Jack received $172,800 of salary and paid $9,500 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $8,700 and $28,600 of alimony to his ex-wife, Diane, who divorced him in 2012.

Required Information [The following Information applies to the questions displayed below.) This year Jack Intends to file a married-joint return. Jack received $172.800 of salary and paid $9,500 of Interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also pald moving expenses of $8,700 and $28,600 of alimony to his ex-wife, Dlane, who divorced him in 2012. (Do not round Intermediate calculations and round your final answer to the nearest whole dollar amount.) a. What is Jack's adjusted gross Income? Jack's AGI IS 133,042

Answer 1

Salaries and gross Income Less: Alimony Moving expense deduction Modified AGI Student loan interest deduction (Note 1) Adjusted Gross Income (AGI) 1,72,800 -28,600 -8,700 1,35,500 -2,500 1,33,000 $ $ Jack's AGI 1,33,000 Note 1 For 2019. Student loan interest deduction = Interest on loan - Interest on loan X – ✓ Modified AGI - $170,000 $30,000 Since the Modified Adjusted Income is less than $170,000 deduction will be $2,500