This year Jack intends to file a married-joint return. Jack received $171,400 of salary and paid $8,550 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $5,950 and $29,700 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 reported income of $13,150 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?
Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $54,200 and has incurred the following medical expenses:
|Cost of eyeglasses||465|
|Medical insurance premiums (not through an exchange)||1,015|
10 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.
10 b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.
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