Reference no: EM133085510

Question - Jack and Linda Jensen will file a joint return in 2021. This year Linda received a $24,000 distribution from a defined benefit plan maintained by her employer in which she Linda contributed $125,000 on a pre-tax basis to this plan in which she now has $450,000. Linda, also in this year received a $16,000 distribution from a health savings account (HSA) that she established a few years ago. During the years the Jensens had this HAS, they claimed a deduction for AGI for the maximum amount the law allows for contributions to an HSA. The $16,000 received from the HSA was used for Linda's medical expenses that she paid this year. Lastly, the Jensen's son Zachary, who qualifies as their dependent is a beneficiary of a Section 529 savings plan set up by his parents. The Jensens had contributed $100,000 to this plan which now has $140,000 in it. Earlier this year Zachary told his parents that he wanted to enter the workforce rather than go to college. Upon realizing this Jack and Linda needing money returned the entire $140,000 in this plan to themselves. Based on this information how much is Jack and Linda Jensen's AGI?