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Author Question: George and Meredith who are married, have a regular tax liability of $22,783 based on regular ... (Read 63 times)

mrsjacobs44

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on: Sep 13, 2020

Question 1

Annie has taxable income of $100,000, a regular tax liability of $21,037, a positive AMT adjustment due to limitations on itemized deductions of $20,000, and tax preferences of $25,000 in 2016. Annie is single and takes a $4,050 personal exemption for herself only.  What is Annie's AMT for 2016?

Question 2

George and Meredith who are married, have a regular tax liability of $22,783 based on regular taxable income of $125,000. This year they generated tax preferences of $25,000, and positive adjustments attributable to limitations on itemized deductions of $18,700. In determining regular taxable income, they had claimed $12,150 of personal and dependency exemptions for themselves and their 20-year old dependent daughter. What is George and Meredith's alternative minimum tax for 2016?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by mrsjacobs44 on Sep 13, 2020

amynguyen1221

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Reply #1 on: Sep 13, 2020
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mrsjacobs44

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

adammoses97

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Reply 3 on: Yesterday
Wow, this really help

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