Alternative Minimum Tax
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I need to find Bubba's AMT adjustments related to the itemized deductions as well as find his AMT tax liability for the current year. His info is as follows:
AGI $75,000
Taxable income $50,000
Regular tax liability $8,558
Tax preferences $21,000
Itemized deductions including:
Charitable contributions $7,000
Medical expenses (before AGI floor) $11,000
Mortgage interest on personal residence $12,000
State income taxes $6,000
Real estate taxes $9,000
Thank you
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Solution Summary
This solution contains a calculation of the Alternative Minimum Tax for an individual.
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Assuming that Bubba is a single individual:
The following items are positive adjustments for AMT, and that means that they will be added back into income for AMT purposes: *Tax preferences ($21,000),* medical expenses as the difference between the 7.5 % and 10% allowable under AMT(11,000 - 75,000*.075) (11,000 - ...
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