EXHIBIT 8-5 2019 AMT Exemptions
| Filing Status | Exemption | Phase-Out Begins at This Level of AMTI | Phase-Out Complete for This Level of AMTI |
|---|---|---|---|
| Married filing jointly | $111,700 | $1,020,600 | $1,467,400 |
| Married filing separately | 55,850 | 510,300 | 733,700 |
| Head of household and single | 71,700 | 510,300 | 797,100 |
Homework Answers
(a) -- Her AMTI is $392250.
Answer -
| Amount | Explanation | |
| Amount of AMT exemption | $111700 | Olga's AMTI does not exceed $1020600 (the threshold amount for Married filing jointly), her AMT exemption is not phased-out, and she is entitled to the full exemption amount of $111700. |
.
(b) -- Her AMTI is $1160000.
Answer -
| Amount | Explanation | |
| Amount of AMT exemption | $76850 |
Olga’s AMTI exceeds $1020600, she must phase-out her exemption and is entitled to an exemption of $76850. Calculated as follows: = $111700 - [($1160000 - $1020600) * 25%] = $76850. |
.
(c) -- Her AMTI is $3700000.
Answer -
| Amount | Explanation | |
| Amount of AMT exemption | $0 | Olga is not allowed to deduct any exemption amount because, her AMTI exceeds threshold amount of $1467400, for Married filing jointly. |
Add Answer to:
EXHIBIT 8-5 2019 AMT Exemptions
Filing Status
Exemption
Phase-Out Begins at This Level of
AMTI
Phase-Out...
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of...
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of AMTI Married filing jointly $111,700 $1,020,600 $1,467,400 Married filing separately 55,850 510,300 733,700 Head of household and single 71,700 510,300 797,100 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 10% of taxable income $ 19,400 S_78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the...
of 3 Required information Problem 8-57 (LO 8-2) [The following information applies to the questions displayed...
of 3 Required information Problem 8-57 (LO 8-2) [The following information applies to the questions displayed below.) 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? Exhibit 8.5 (Leave no answer blank. Enter zero if applicable.) Problem 8-57 Part a . a. Her AMTI is $418,500. Amount of AMT exemption nces < Pres 6 8 of 25 Next > Required information Problem...
2019***** ppl keep answering with 2018 Exercise 12-19 (LO. 2) Compute the 2019 AMT exemption for...
2019***** ppl keep answering
with 2018
Exercise 12-19 (LO. 2) Compute the 2019 AMT exemption for the following taxpayers. If an amount is zero, enter "O". Click here to access the exemption table. a. Bristol, who is single, reports AMTI of $650,000. Her AMT exemption is s x . b. Marley and Naila are married and file a joint tax return. Their AMTI is $1,528,000. Their AMT exemption is $ Status Married, joint Single or head of household Married, separate...
Q1. Elijah is single. He holds a $19,000 AMT credit from 2018. In 2019, his regular...
Q1. Elijah is single. He holds a $19,000 AMT credit from 2018.
In 2019, his regular tax liability is $47,500 and his tentative
minimum tax is $40,375. How much of the AMT credit can Elijah use
in 2019?
a. Bristol, who is single, has AMTI of
$570,200. Her AMT exemption is (chart below)
b. Marley and Naila are married and file a
joint tax return. Their AMTI is $1,125,200. Their AMT exemption is
(chart below)
Status Exemption $111,700 71,700 55,850...
Required information [The following information applies to the questions displayed below.) Corbett's AMTI is $600,000. What...
Required information [The following information applies to the questions displayed below.) Corbett's AMTI is $600,000. What is his AMT exemption under the following alternative circumstances? Exhibit 8-5. a. He is married and files a joint return Answer is complete but not entirely correct. Amount of AMT exemption $ 56,700 EXHIBIT 8-5 2020 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single $113,400 56,700 72,900 Phase-Out Begins at Phase-Out Complete for This Level of...
All data and information are in the pictures posted Wayne and Mary Sutherby are a married...
All
data and information are in the pictures posted
Wayne and Mary Sutherby are a married couple filing jointly. They have no children and report the following items in 2019: E (Click the icon to view the items reported in 2019.) Read the requirements. E (Click the icon to view the 2019 AMT exemption amounts.) Data Table (a) (b) Sutherby's AMT Wayne's AMT Taxable income 120,000 Tax preferences 19,000 AMT adjustments related to itemized deductions 34,000 Plus: 18,117 Regular tax...
David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the...
David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the following items in 2019: BE: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is David's AMT liability for 2019? Begin by computing David's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole Plus:...
Bob, an unmarried taxpayer filing single, has no dependents and reports the following items on his...
Bob, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2019 federal income tax return: BE: (Click the icon to view the items reported in 2019.) 5 (Click the icon to view the 2019 AMT exemption amounts.) Read the requirements. Requirement a. What is the amount of Bob's AMT adjustments related to itemized deductions? Complete the table below to determine Bob's total AMT adjustments related to itemized deductions. (If a box is not used...
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Marr...
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately Head of household and single 200,000 200,000 Source: $24(a) Required information [The following information applies to the questions displayed below. Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use...
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of AMTI Married filing jointly $111,700 $1,020,600 $1,467,400 Married filing separately 55,850 510,300 733,700 Head of household and single 71,700 510,300 797,100 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 10% of taxable income $ 19,400 S_78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the...
of 3 Required information Problem 8-57 (LO 8-2) [The following information applies to the questions displayed below.) 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? Exhibit 8.5 (Leave no answer blank. Enter zero if applicable.) Problem 8-57 Part a . a. Her AMTI is $418,500. Amount of AMT exemption nces < Pres 6 8 of 25 Next > Required information Problem...
2019***** ppl keep answering
with 2018
Exercise 12-19 (LO. 2) Compute the 2019 AMT exemption for the following taxpayers. If an amount is zero, enter "O". Click here to access the exemption table. a. Bristol, who is single, reports AMTI of $650,000. Her AMT exemption is s x . b. Marley and Naila are married and file a joint tax return. Their AMTI is $1,528,000. Their AMT exemption is $ Status Married, joint Single or head of household Married, separate...
Q1. Elijah is single. He holds a $19,000 AMT credit from 2018.
In 2019, his regular tax liability is $47,500 and his tentative
minimum tax is $40,375. How much of the AMT credit can Elijah use
in 2019?
a. Bristol, who is single, has AMTI of
$570,200. Her AMT exemption is (chart below)
b. Marley and Naila are married and file a
joint tax return. Their AMTI is $1,125,200. Their AMT exemption is
(chart below)
Status Exemption $111,700 71,700 55,850...
Required information [The following information applies to the questions displayed below.) Corbett's AMTI is $600,000. What is his AMT exemption under the following alternative circumstances? Exhibit 8-5. a. He is married and files a joint return Answer is complete but not entirely correct. Amount of AMT exemption $ 56,700 EXHIBIT 8-5 2020 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single $113,400 56,700 72,900 Phase-Out Begins at Phase-Out Complete for This Level of...
All
data and information are in the pictures posted
Wayne and Mary Sutherby are a married couple filing jointly. They have no children and report the following items in 2019: E (Click the icon to view the items reported in 2019.) Read the requirements. E (Click the icon to view the 2019 AMT exemption amounts.) Data Table (a) (b) Sutherby's AMT Wayne's AMT Taxable income 120,000 Tax preferences 19,000 AMT adjustments related to itemized deductions 34,000 Plus: 18,117 Regular tax...
David, an unmarried taxpayer filing single with no dependents, has AGI of $690,000 and reports the following items in 2019: BE: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Requirement What is David's AMT liability for 2019? Begin by computing David's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole Plus:...
Bob, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2019 federal income tax return: BE: (Click the icon to view the items reported in 2019.) 5 (Click the icon to view the 2019 AMT exemption amounts.) Read the requirements. Requirement a. What is the amount of Bob's AMT adjustments related to itemized deductions? Complete the table below to determine Bob's total AMT adjustments related to itemized deductions. (If a box is not used...
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately Head of household and single 200,000 200,000 Source: $24(a) Required information [The following information applies to the questions displayed below. Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use...
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