Question

*[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 Jack's adjusted gross income?

Answer #1

Ans: Adjusted Gross Income:

Particulars | Amount($) |

Salary And gross income | 167,500 |

Less: Alimony | {28,300} |

Less: Moving expenses | {4,300} |

Modified AGI | 134,900 |

Less: Student loan interest deduction** | (2091.75) |

Adjusted gross income |
$132,808.25 |

Working Note:

Phase out reduction percentage= Modified AGI-130,000/30,000

= 134,900-130,000/30,000

= 4,900/30,000

= 16.33%

Phase out amount= person jack maximum deduction before phase out* percentage

= 2500* 16.33%

= $408.25

Education interest expense= 2500-408.25

= $2091.75

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