Question

[The following information applies to the questions displayed below.] This year Jack intends to file a married-joint return. Jack received $177,600 of salary, and paid $7,200 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $5,250 and $28,500 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

a. What is Jack's adjusted gross income?

Jack's AGI ____________

Required information

*[The following information applies to the questions
displayed below.]*

This year Jack intends to file a married-joint return. Jack
received $177,600 of salary, and paid $7,200 of interest on loans
used to pay qualified tuition costs for his dependent daughter,
Deb. This year Jack has also paid moving expenses of $5,250 and
$28,500 of alimony to his ex-wife, Diane, who divorced him in 2012.
**(Round your intermediate calculations and final answer to
the nearest whole dollar amount.)**

**b.** Suppose that Jack also reported income of
$9,700 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?

Jack's AGI __________________

Answer #1

a. Jack modified AGI without adjustment of education loan interest is $143,850 which is less than $170,000 limit so he is allowed to deduct loan interest part maximum is $2,500.

Deductible loan interest is ($2,500 - $2,500 x [($143,850 -$140,000) / $30,000]

= $2,179

Salary & gross income | 177,600 |

Less: Alimony | (28,500) |

Moving expense deduction | (5,250) |

Modified AGI | 143,850 |

Student loan deduction | (2,179) |

AGI |
141,671 |

b. Jack modified AGI without adjustment of education loan interest is $153,550 which is less than $170,000 limit so he is allowed to deduct loan interest part maximum is $2,500.

Deductible loan interest is ($2,500 - $2,500 x [($153,550 -$140,000) / $30,000]

= $1,371

Salary & gross income | 177,600 |

Partnership income | 9,700 |

Less: Alimony | (28,500) |

Moving expense deduction | (5,250) |

Modified AGI | 153,550 |

Student loan deduction | (1,371) |

AGI | 152,179 |

[The following information applies to the questions
displayed below.]
This year Jack intends to file a married-joint return. Jack
received $172,500 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, Diane, who divorced him in 2012.
(Round your intermediate calculations and final answer to
the nearest whole dollar amount.)
a. What is...

[The following information applies to the questions displayed
below.] 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.
(Round your intermediate calculations and final answer to the
nearest whole dollar amount.)
a. What is...

This year Jack intends to file a married-joint return. Jack
received $175,200 of salary and paid $8,200 of interest on loans
used to pay qualified tuition costs for his dependent daughter,
Deb. This year Jack has also paid moving expenses of $6,950 and
$34,800 of alimony to his ex-wife, Diane, who divorced him in
2012.
a. What is Jack's adjusted gross income?
*I am having particular trouble calculating Student Loan
Interest Deduction*

This year Jack intends to file a married-joint return. Jack
received $172,500 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, Diane, who divorced him in 2012.
(Round your intermediate calculations and final answer to
the nearest whole dollar amount.)
a. What is Jack's adjusted gross income?
b. Suppose that Jack also...

This year Jack intends to file a married-joint return with two
dependents. Jack received $176,200 of salary and paid $7,500 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 $4,750 and $33,900 of alimony to his ex-wife,
who divorced him in 2012.
A.) What is Jack's adjusted gross income?
B.) Suppose that Jake also reported income of $10,400 from a
half share of profits...

This year Jack intends to file a married-joint return. Jack
received $172,800 of salary and paid $9,500 of interest on loans
used to pay qualified tuition costs for his dependent daughter,
Deb. This year Jack has also paid moving expenses of $8,700 and
$28,600 of alimony to his ex-wife, Diane, who divorced him in 2012.
(Do not round intermediate calculations and round your
final answer to the nearest whole dollar amount.)
a. What is Jack’s adjusted gross income?
b. Suppose...

This year Jack intends to file a married-joint return. Jack
received $178,400 of salary, and paid $8,600 of interest on loans
used to pay qualified tuition costs for his dependent daughter,
Deb. This year Jack has also paid moving expenses of $4,550 and
$35,100 of alimony to his ex-wife, Diane, who divorced him in 2012.
(Round your intermediate calculations and final answer to
the nearest whole dollar amount.)
b. Suppose that Jack also reported income of
$10,900 from a half...

Required information
[The following information applies to the questions
displayed below.]
Camille Sikorski was divorced in 2017. She currently provides a
home for her 15-year-old daughter Kaly. Kaly lived in Camille’s
home for the entire year, and Camille paid for all the costs of
maintaining the home. She received a salary of $105,000 and
contributed $6,000 of it to a qualified retirement account (a for
AGI deduction). She also received $10,000 of alimony from her
former husband (per divorce decree...

1. The following information applies to the questions displayed
below.] Lionel is an unmarried law student at State University Law
School, a qualified educational institution. This year Lionel
borrowed $27,500 from County Bank and paid interest of $1,650.
Lionel used the loan proceeds to pay his law school tuition.
Calculate the amounts Lionel can deduct for higher education
expenses and interest on higher-education loans under the following
circumstances: (Leave no answer blank. Enter zero if applicable.)
a. Lionel's AGI before...

Required information Skip to question [The following information
applies to the questions displayed below.] Trey has two dependents,
his daughters, ages 14 and 17, at year-end. Trey files a joint
return with his wife. What amount of child credit will Trey be able
to claim for his daughters under each of the following alternative
situations? Use Exhibit 8-8.
b. His AGI is $424,200.
Amount of child tax credit:
c. His AGI is $428,200, and his daughters are
ages 10 and...

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