Question

This year Jack intends to file a married-joint return. Jack received $178,400 of salary, and paid...

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 share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances?

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
This year Jack intends to file a married-joint return. Jack received $172,500 of salary, and paid...
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. Jack received $172,800 of salary and paid...
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 $175,200 of salary and paid...
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 with two dependents. Jack received $176,200 of...
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...
[The following information applies to the questions displayed below.] This year Jack intends to file a...
[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...
[The following information applies to the questions displayed below.] This year Jack intends to file a...
[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...
[The following information applies to the questions displayed below.] This year Jack intends to file a...
[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...
Bob and Serena are married and file a joint income tax return. For 2017, their modified...
Bob and Serena are married and file a joint income tax return. For 2017, their modified AGI is $70,000. Their daughter, Dawn, is in her third year at State University. They paid $4,300 for Dawn's tuition. What is the American Opportunity Credit (AOC) that Bob and Serena can claim? $0 $860 $2,150 $2,500
Matt and Carrie are married, have two children, and file a joint return. Their daughter Katie...
Matt and Carrie are married, have two children, and file a joint return. Their daughter Katie is 19 years old and is a full-time student at State University. During 2017, she completed her freshman year and one semester as a sophomore. Katie’s expenses while she was away at school during the year were as follows: Use Tax Rate Schedule for reference.     Tuition $ 5,020 Class fees 305 Books 505 Room and board 4,510 Katie received a half-tuition scholarship that...
Ian, 37, and Isabella, 36, are married and file a joint tax return. They have one...
Ian, 37, and Isabella, 36, are married and file a joint tax return. They have one child, Ingrid (Isabella's daughter from a prior marriage and is claimed as a dependent (QC) on Ian & Isabella's joint return).In 2020, Isabella and Ian had the following items: Salary (Isabella): $83,000Salary (Ian): $13,000Scholarship: $6,500 ($2,500 used to pay Ian’s tuition at an eligible educational institution, $1,000 used to buy required textbooks, and $3,000 used to payroom and board)California Paid Family Leave (PFL): $2,000Inheritance...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT