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Exercise 12-19 (LO. 2) Compute the 2019 AMT exemption for...
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...
EXHIBIT 8-5 2019 AMT Exemptions Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out...
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
Required information [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?...
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...
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...
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...
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...
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
Required information [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?...
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...
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...
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...
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