What is jacks adjusted gross income

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Reference no: EM131288470

This year Jack intends to file a married-joint return with two dependents. Jack received $177,800 of salary and paid $6,550 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 $8,950 and $33,300 of alimony. (Do not round intermediate calculations.)

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

2) Suppose that Jack also reported income of $10,500 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

USE 2015 RATES IF NEEDED FOR ANY ANSWERS

Reference no: EM131288470

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