AMT Adjustments and Computation of Tax. Allen, a single taxpayer,
reports the following
items on his 2006 federal income tax return:
Adjusted gross income $75,000
Taxable income 48,000
Regular tax liability 8,558
Tax preferences 20,000
Itemized deductions including:
Charitable contributions 7,500
Medical expenses (before AGI floor) 10,000
Mortgage interest on personal residence
10,000
State income taxes 5,000
Real estate taxes 8,000
a. What is the amount of Allen’s AMT adjustments related to the
itemized deductions?
Business Homework Solutions
#131711
AMT Adjustments
I need to find Allens' AMT adjustments. Don't we just take the expenses and contributions from his AGI?
The solution references to line items on a Form 6251 and lists the adjustments that would be entered to properly complete the schedule. The calculation of the adjustments together with an explanation of each is presented too.
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