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Individual AMT tax questions

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Question;1) In 2013, Deon and NeNe are married filing jointly. They have three dependent children under 18years of age. The couple?s AGI is $800,000 and their taxable income is $680,000. They itemizetheir deductions as follows: real property taxes of $10,000, state income taxes of $40,000,miscellaneous itemized deductions of $4,000 (subject to but in excess of 2 percent AGI floor),charitable contributions of $6,000, and mortgage interest expense of $41,000 ($11,000 of whichis attributable to a home-equity loan used to buy a new car).What is Deon & NeNe?s AMT? __________2) In 2013, Janet and Ray are married filing jointly. They have five dependent children under 18years of age. The couple?s AGI is $180,000 and their taxable income is $140,000. They itemizetheir deductions as follows: real property taxes of $5,000, state income taxes of $9,000, andmortgage interest expense of $15,000 (not a home-equity loan). (Use 2013 AMT exemptionamounts).What is Janet & Ray?s AMT (round to two decimal places)

 

Paper#42991 | Written in 18-Jul-2015

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