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What is Jacks adjusted gross income

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Reference no: EM133122047

Question - This year Jack intends to file a married-joint return. Jack received $174,000 of salary and paid $9,900 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,900 and $32,400 of alimony to his ex-wife, Diane, who divorced him in 2012.

Required -

a. What is Jack's adjusted gross income?

b. Suppose that Jack also reported income of $13,050 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?

Reference no: EM133122047

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