Question

Olga is married and files a joint tax return with her husband. What amount of AMT...

Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances?

A. Her AMTI is $390,000

B. Her AMTI is $1,080,000

C. Her AMTI is $1,500,000

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Homework Answers

Answer #1
Taking 2018 the phaseout threshold limit is $1000000
for married filing jointly
Ans a In this case AMTI is $390000 within the limits hence
AMT exemption is $109400
ans b
AMTI is $1080000 hence the phaseout threshold limit is crossed
so AMTI exemption is
109400-((1080000-1000000)*25%) 89400 answer
ans c
AMTI is $1500000 hence the phaseout threshold limit is crossed
so AMTI exemption is
109400-((1500000-1000000)*25%) -15600
$0 is the AMTI exemption
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