Required Informatlon Problem 6-30 (LO 6-1) [The following information applies to

Question

Required Informatlon Problem 6-30 (LO 6-1) [The following information applies to the questions displayed below. This year Jack intends to file a married-joint return. Jack received $173,460 of salary and paid $7,850 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $8,350 and $30,600 of alimony to his ex-wife. Diane, who divorced him in 2012. (Round your Intermedlete calculations and final answer to the nearest whole doller amount.) Problem 6-30 Part-a o. What is Jack's adjusted gross income? Jacks AGI

Explanation / Answer

a) Modified AGI witout qualified tution fees
=173460-8350-30600=134510
The tution fee deduction
=(134510-130000)/30000
=15.03%
=(1-15.03%)*2000=1699
AGI=134510-1699=132811

b)Now addition modified AGI=134510+8850=143360
The tution fee deduction
=(143360-130000)/30000
=44.53%
=(1-44.53%)*2000=1109
AGI=143360-1109=142250.67

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