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Social ScienceThis year Jack intends to file a married-joint return. Jack received $175,000 of salary, and paid $7,250 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,450 and $30,300 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?
This year Jack intends to file a married-joint return. Jack received $175,000 of salary, and paid $7,250 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,450 and $30,300 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?
Expert Answer
Compute modified adjusted gross income (MAGI) of person J as shown below:
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MAGI SalaryAlimony paid -Deduction for moving expenses $175,000 -$30,300-$4,450 $140, 250
Now, compute the Student loan inte...
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MAG-Phase aut Begiming Phase out Ending-Phase aut Begiming Student loan interest deduction-Interest Limit Interest Limit x $140,250-$135,000 $165000-$135000 $2500$2500x -$2500-$438 $2 062
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