This year Jack intends to file a married-joint return with two dependents. Jack

Question

This year Jack intends to file a married-joint return with two dependents. Jack received $165,800 of salary and paid $7,250 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 $4,450 and $29,800 of alimony.

What is Jack's adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI.

Suppose that Jack also reported income of $13,100 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? Again, assume that Jack will opt to treat tax items in a manner to minimize his AGI.

a.

What is Jack's adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI.

Explanation / Answer

a. Calculation of adjusted gross income

b. Calculation of adjusted gross income

Salary recieved 165800 Less: Deductions Interest on loan for qualified tution cost 7250 Adjusted gross income 158550

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