Question

Return to question Required information [The following information applies to the questions displayed below.) This year Jack intends to file a married-joint return. Jack received $179,600 of salary, and paid $8,150 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $9,000 and $29,400 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is Jack's adjusted gross income? Answer is complete but not entirely correct. Jack's AGI $ 147,700 < Prev 78 of 12 Next >

Answer 1

Refer the below images for the above mentioned questions, in a detailed way of explanation.

Solotion : Requirement @ Jack's adjusted gross income? AGT is $ 148967 . thout adjustment the moving expense is Jack's modified AUT for educational interest not deductible calcolated expense is f 150200. part of is not allould t dedat this modified Aue his student loan interest above & 165000. because Jack's matimom deduction of $2500 (the amount of interest paid upt & 250o). The maximum deduction of $2.500 is phased-out satably one a $30,000 range beginning with modified AT over $ 135000 Consequently, & 1233 facris education interest exponse deduction is - (1 2500 - $2000 [$150200 - 135000 . & 30000 Jack's Aar is compoted as follows: particulars Salary & gross income Less: Alimony (ex-wife) Modified der Amount & 129600 29 460) & 150200 loan interest (1233) less-student deduction + 148967 A4E-

Requirement : without AGL calcolated " AG is $ 162942 – Jack's modified AG Adjustment for educational interest exponse is The moving expense is not deductible. calcolate $163100 He is because allowed to deaat his modified ACE part of his as not student loan interest above & 1 65ooo - Jack's maximum deduction (the amount of interest deduction of £2500 as rage beginning with before the phase-out is $2100 paid up to & 2500). The maximum phased out ratably over a $30000 modified ACI over $ 135000. consequently, is & 158 Jack's education interest expense deduction - ($2500 - $2500 * [s 163000 - 131000] ). 30000 Armont particolars & 179600 12900 $(29400) Salary (t) partnership income +) Alimony (ex-wife) Modified AuE & Student loan interest deduction $ 163100 (158) x 162942 AGI