Question

This year Jack intends to file a married-joint return. Jack received $177,800 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 $30,000 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 $10,200 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?

Answer 1

2 A) 3 Particular Amount 4 5 Jack Salary $177,400 Less: Interest on $ 9,500 6 loan 7 Moving expenses $ 8,700 8 Alimony $ 30,000 Adjusted Gross $ 129,600 9 Income 10 11 12 13 14 15 16 17 18 19 20

1 Particular Amount 2 3 $177,800 Jack salary Add: Reported Income $10.200 4 5 $ 9,500 6 7 Less: Interest on Loan Moving expenses Alimony Adjusted Gross Income $ 8,700 $ 30,000 8 $ 139,800 9 10 11
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