This year Diane intends to file a married-joint return. Diane received $179,900 of salary and paid $6,950 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $5,550 and $29,500 of alimony to her ex-spouse, Jack, who she divorced in 2012. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. b. Suppose that Diane also reported income of $12,650 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Diane report under these circumstances?
This year Diane intends to file a married-joint return. Diane received $179,900 of salary and paid $6,950 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $5,550 and $29,500 of alimony to her ex-spouse, Jack, who she divorced in 2012. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. b. Suppose that Diane also reported income of $12,650 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Diane report under these circumstances?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 2BCRQ
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This year Diane intends to file a married-joint return. Diane received $179,900 of salary and paid $6,950 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $5,550 and $29,500 of alimony to her ex-spouse, Jack, who she divorced in 2012.
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
b. Suppose that Diane also reported income of $12,650 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Diane report under these circumstances?
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