Question

Donna, an unmarried individual who is age 66, has taxable income of $300,000. She has AMT...

Donna, an unmarried individual who is age 66, has taxable income of $300,000. She has AMT positive adjustment of $68,000 and tax preferences of $40,000.

What is Donna's AMT and what is the total amount of Donna's tax liability?

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Answer #1
10 $0-$9700
12 $9701-$39475
22 $39476-$84200
24 $84201-$160725
32 $160726-$204100
35 $204101-$510300
37 $510301- more

As per the above slab rate the tax liability is $80193.50

and she have AMT credit of $68000

tax preferance $40000

Remaining liability of $80193.50-$40000= $40193.50 will be adjusted through AMT

Remianing AMT carryforward to next year =$68000-$40193.50= $27806.50

dear student i Answer this question as the financial year is 2019.

Thanks  

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