Question

Yanni, who is single, provides you with the following information for 2019: Salary $106,600 State income...

Yanni, who is single, provides you with the following information for 2019:

Salary $106,600

State income taxes 10,660

Mortgage interest expense 9,594

Charitable contributions 2,132

Interest income 1,599

. If required, round your answers to the nearest dollar. Compute the following:

a. Yanni's taxable income: $

b. Yanni's AMT base: $

c. Yanni's tentative minimum tax: $ ?

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Homework Answers

Answer #1

Answer:

Answer:

a. Taxable income = $86,473

b. AMT base = $96,473

c. Tentative minimum tax = $6,441

Working:

Taxable income

AMTI

Salary

$ 106,600

$ 106,600

Interest income

$ 1,599

$ 1,599

Less:

State income taxes

$ 10,000

$ 0

Mortgage interest expense

$ 9,594

$ 9,594

Charitable contributions

$ 2,132

$ 2,132

$ 86,473

$ 96,473

Less: AMT exemption

$ 71,700

AMTI

$ 24,773

Tentative minimum tax (26% of AMTI)

$ 6,441
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