Question

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 that Jack also reported income of $10,200 from a half share of profits from a partnership. What AGI would Jack report under these circumstances?

Answer 1

a.) What is Jack's adjusted gross income?   

Answer:-

Particular	Amount
Jack Salary	1,72,800
Less:-
Interest On Loan (Tution Cost of his Daughter)	(9,500)
Moving Expenses	(8,700)
Alimony	(28,600)
AGI	1,26,000

Jack Ajusted Gross Income is = 1,26,000 (One Lakh Twenty Six Thousand)

b.) Jack Reported income of $10 ,200 from half share of profit from a Partnership then what is AGI of Jack.

Particular	Amount
Jack Salary	1,72,800
partnership Income	10,200
Less:
Interest On Loan (Tution Cost of his Daughter)	(9,500)
Moving Expenses	(8,700)
Alimony	(28,600)
AGI	1,36,200

After including Partnership income Jack AGI of 1,36,200 (One Lakh ThirtySix Thousand Two Hundred)