Question

Carson had the following itemized deductions in 2016: State income taxes $ 1,700 Charitable contributions 8,500...

Carson had the following itemized deductions in 2016:

State income taxes $ 1,700
Charitable contributions 8,500
Mortgage interest (personal residence) 10,500
Medical expenses [$8,800 – (10% × $75,000)] 1,300
Miscellaneous [$2,600 – (2% × $75,000)] 1,100

What are Carson’s itemized deductions for AMT purposes? _______________

What is the amount of the AMT adjustment? ________________

Business   Accounting   
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Answer #1
AMT itemized deductions Amount
State income tax                  -  
Charity            8,500
Mortgage interest          10,500
Medical expense (7.5% AGI floor)            3,175
Miscellaneous                  -  
Total itemized deductions          22,175
Actual Itemized          23,100
Less allowed        (22,175)
AMT adjustment               925
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