USING 2018 TAX Rules!!! This year Jack intends to file a married-joint return. J

Question

USING 2018 TAX Rules!!!

This year Jack intends to file a married-joint return. Jack received $167,500 of salary and paid $5,000 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,300 and $28,300 of alimony to his ex-wife who divorced him in 2012. (Do not round intermediate calculations.)

a. What is Jack's adjusted gross income?

b. Suppose that Jack has also reported income of $8,800 from a half share of profits from a partnership. Disregard any potential self-employment taxed on this income. What AGI would Jack report under these circumstances?

Explanation / Answer

a)

b)

Amount Salary $ 167,500.00 Partnership income Qualified moving expenses $    (4,300.00) Alimony   $ (28,300.00) Modified Adjusted gross income $ 134,900.00 Interest on Loan- Amount paid(5000) or 2,500 whichever is lower $    (2,500.00) Adjusted gross income $ 132,400.00

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.