Homework Answers
a. Amount of AMT exemption $111,700 (Because the AMTI is below$1,020,600)
b. Amount of AMT exemption $95,340
Computation:-
Since amount of AMT exemption decreases with 25 cent with increase in AMTI above $1,020,600.
Here the AMTI is $1,086,000.
So, AMTI above phase out begins = $1,086,000 - $1,020,600 = $65,400
Amount to be deducted from exemption i.e, $111,700 = $65,400 * .25 = $16,350
Net AMT exemption = $111,700 - $16,350 = $95,350
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of 3 Required information Problem 8-57 (LO 8-2) [The following information applies to the questions displayed...
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?...
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...
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...
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...
Required information Problem 8.70 (LO 8-4) The following information applies to the questions displayed bel...
Required information Problem 8.70 (LO 8-4) 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 Exhibit 8-8 Problem 8-70 Part-a a. His AGI is $101.000. Amount of child tax credit Required information Problem 8-70 (LO 8-4) The following...
Required information [The following information applies to the questions displayed below.] In 20...
Required information
[The following information applies to the questions
displayed below.]
In 2018, Juanita is married and files a joint tax return with her
husband. What is her tentative minimum tax in each of the following
alternative circumstances? (Use the Dividends and capital gains tax
rates.) (Input all values as positive. Leave no answer
blank. Enter zero if applicable.)
a. Her AMT base is $161,000, all ordinary
income.
d. Her AMT base is $310,000, which includes
$32,200 of qualified dividends....
Required information Problem 8-47 (LO 8-1) [The following information applies to the questions displayed below.] Whitney...
Required information
Problem 8-47 (LO 8-1)
[The following information applies to the questions
displayed below.]
Whitney received $74,200 of taxable income in 2019. All of the
income was salary from her employer. What is her income tax
liability in each of the following alternative situations? Use Tax
Rate Schedule for reference. (Do not round intermediate
calculations. Round your answer to 2 decimal places.)
a. She files under the single filing
status.
A. Income tax liability: ???
b. She files a...
t 1 of 3 Required information Problem 8-72 (LO 8-4) The following information applies to the...
t 1 of 3 Required information Problem 8-72 (LO 8-4) The following information applies to the questions displayed below) In 2019, Elaine paid $2.720 of tuition and $540 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband nts What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations7 (Leave no...
Required information Problem 8-56 (LO 8-2) (The following information applies to the questions displayed below.) In...
Required information Problem 8-56 (LO 8-2) (The following information applies to the questions displayed below.) In 2019, Sven is single and has $140,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $3,000, state income tax of $5,000, and mortgage interest expense of $20,000 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $2,500. Problem 8-56 Part a a. What is Sven's alternative minimum taxable income (AMTI)? Description Amount $ 0
Required information [The following information applies to the questions displayed below.) Trey has two dependents, his...
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 Exhibit 8-8. a. His AGI is $100,000 Amount of child tax credit Required information [The following information applies to the questions displayed below.) Trey has two dependents,...
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?...
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...
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...
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...
Required information Problem 8.70 (LO 8-4) 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 Exhibit 8-8 Problem 8-70 Part-a a. His AGI is $101.000. Amount of child tax credit Required information Problem 8-70 (LO 8-4) The following...
Required information
[The following information applies to the questions
displayed below.]
In 2018, Juanita is married and files a joint tax return with her
husband. What is her tentative minimum tax in each of the following
alternative circumstances? (Use the Dividends and capital gains tax
rates.) (Input all values as positive. Leave no answer
blank. Enter zero if applicable.)
a. Her AMT base is $161,000, all ordinary
income.
d. Her AMT base is $310,000, which includes
$32,200 of qualified dividends....
Required information
Problem 8-47 (LO 8-1)
[The following information applies to the questions
displayed below.]
Whitney received $74,200 of taxable income in 2019. All of the
income was salary from her employer. What is her income tax
liability in each of the following alternative situations? Use Tax
Rate Schedule for reference. (Do not round intermediate
calculations. Round your answer to 2 decimal places.)
a. She files under the single filing
status.
A. Income tax liability: ???
b. She files a...
t 1 of 3 Required information Problem 8-72 (LO 8-4) The following information applies to the questions displayed below) In 2019, Elaine paid $2.720 of tuition and $540 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband nts What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations7 (Leave no...
Required information Problem 8-56 (LO 8-2) (The following information applies to the questions displayed below.) In 2019, Sven is single and has $140,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $3,000, state income tax of $5,000, and mortgage interest expense of $20,000 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $2,500. Problem 8-56 Part a a. What is Sven's alternative minimum taxable income (AMTI)? Description Amount $ 0
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 Exhibit 8-8. a. His AGI is $100,000 Amount of child tax credit Required information [The following information applies to the questions displayed below.) Trey has two dependents,...
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