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

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

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
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
234. Alejandro is a married taxpayer and he files a joint return. His adjusted gross income...
234. Alejandro is a married taxpayer and he files a joint return. His adjusted gross income after deductions in 2019 is $250,000. The deductions that he needs to add back in for AMT purposes are $6,000 in state and local taxes and $4,000 in personal property taxes. Based on Alejandro’s alternative minimum taxable income (AMTI) of $260,000, he is entitled to subtract the what amount of the AMT exemption to arrive at his final taxable amount? A. $0 B. $54,700...
Because of financial issues, Tina files a separate tax return from her husband. The amount of...
Because of financial issues, Tina files a separate tax return from her husband. The amount of student loan interest she paid was reported to her on Form 1098-E, $2,850. Her modified AGI for year was $38,000. How much can Tina claim for student loan interest deduction? a: $2,850 b: $2,500 c: $850 d: $0
Problem 6-26 The Individual Alternative Minimum Tax (AMT) (LO 6.9) Otto and Monica are married taxpayers...
Problem 6-26 The Individual Alternative Minimum Tax (AMT) (LO 6.9) Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $80,300. They have excess depreciation on real estate of $67,500, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $25,000, and they made charitable contributions of $7,500. They have no other itemized deductions. If Otto and...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable...
In each of the following cases, compute AMT (if any). For all cases, assume that taxable income does not include any dividend income or capital gain. Mr. and Mrs. Baker’s taxable income on their joint return was $202,000, and their AMTI before exemption was $204,800. Mr. Costa’s taxable income on his single return was $178,920, and his AMTI before exemption was $199,800. Ms. White’s taxable income on her single return was $653,475, and her AMTI before exemption was $796,400. Assume...
Calculate the 2017 AMT exemption amount for the following cases for a married taxpayer filing jointly,...
Calculate the 2017 AMT exemption amount for the following cases for a married taxpayer filing jointly, and a married taxpayer filing separately. Case AMT 1 $150,000 2 $300,000 3 $800,000 Click here to access the exemption table. Do not round computations, but round your final amounts to the nearest dollar. For each case above, compute the AMT exemption for 2017. Note: If an amount is zero, enter a "0". Do not round your intermediate computations and round your final answer...
Whitney received $75,000 of taxable income in 2020. All of the income was salary from her...
Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. (Do not round intermediate calculations.) a. She files under the single filing status. b. She files a joint tax return with her spouse. Together their taxable income is $75,000. c. She is married but files a separate tax return. Her taxable income is $75,000....
Mary owns a specified service business. She is married and files a joint return. Her firm...
Mary owns a specified service business. She is married and files a joint return. Her firm has QBI of 400,000. W-2 wages of the business was $100,000 and the total basis of property held in the business was $500,000. Her taxable income before her QBI deduction was $406,600 (which was also her modified taxable income). What is Mary’s QBI deduction? Assume the same facts with respect to her business but her taxable income and MTI was $550,000. What is Mary’s...
1. In 2018, Cindy is married and files a joint return. She operates a sole proprietorship...
1. In 2018, Cindy is married and files a joint return. She operates a sole proprietorship in which she materially participates. Her proprietorship generates gross income of $225,000 and deductions of $525,000, resulting in a loss of $300,000. What is Cindy's excess business loss for the year? a. $0 b. $30,000 c. $250,000 d. $280,000 e. None of the above. 2. In 2018, Theo, a single taxpayer operates a sole proprietorship in which mataerially participates. His proprietorship generates gross income...
Harry and Wilma are married and file a joint income tax return. On their tax return,...
Harry and Wilma are married and file a joint income tax return. On their tax return, they report $44,000 of adjusted gross income ($20,000 salary earned by Harry and $24,000 salary earned by Wilma) and claim two exemptions for their dependent children. During the year, they pay the following amounts to care for their 4-year old son and 6-year old daughter while theywork. ABC Day Care Center $5,200 Mrs. Mason (Harry’s mother) 1,000 Harry and Wilma may claim a credit...
In 2020, Sheryl is claimed as a dependent on her parents' tax return. Her parents report...
In 2020, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $500,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Leave no answer blank. Enter zero if applicable.) d. She received $7,000 of qualified dividend income. This is her only...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT