Homework Answers
| As per the given information the Bob's AMT adjustments related to itemised deductions | |||||
| Taxable Income | 50000 | ||||
| Add: Tax preferences | 21000 | ||||
| Add: Itemised deductions | |||||
| State Income tax | 4100 | ||||
| Real estate taxes | 7300 | ||||
| Medical Expenses(Before AGI Floor) | 2525 | (the explanation is below) | #VALUE! | ||
| AMT Adustments | 34925 | ||||
| Calculation of AMT-2019 | |||||
| Taxable income as per AMT | 84925 | ||||
| Alternative minimum tax is: | 3438.5 | Upto | $71700 | Nil | |
| Regular tax liability | 6859 | Balance | 13225 | 26% | |
| Since the regular tax liabilty is more than the | |||||
| AMT the tax liabilty is | 6859 | ||||
| Medical Expenses(Before AGI Floor) deduction | 8000 | ||||
| the above deduction in excess of 7.5% of | |||||
| Adjusted gross income, so, 7.5% of AGI | 5475 | ||||
| Tota medical expenses incurred | 13475 | ||||
| For AMT calculation 10% above AGI allowed | |||||
| then tha allowable amount is | 5475 | 13475-8000 | |||
| Regular deduction done | 8000 | ||||
| So to be added back to AMT | 2525 | ||||
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Bob, an unmarried taxpayer filing single, has no dependents and reports the following items on his...
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:...
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...
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?...
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...
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...
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...
Linette, a single taxpayer, had the tollowing income and deductions tor the tax year 2018: C...
Linette, a single taxpayer, had the tollowing income and deductions tor the tax year 2018: C ck the icon to view the income and deductions. Click the icon to v ew the standard deduction amounts 을 (Cick the con to ew the 2018 tax rate schedule or he Single ng status. Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018. First calculate the gross income, then calculate taxable income and the federal tax liability....
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB...
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB (Click the icon to view the income and deductions.)(Click the icon to view the standard deduction amounts.) (Click the icon to view the 2018 tax rate schedule for the Single filing status.) Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018 First calculate the gross income, then calculate taxable income and the federal tax lability. (Calculate the tax...
Loriann, a single taxpayer, had the following income and deductions for the tax year 2018: ick...
Loriann, a single taxpayer, had the following income and deductions for the tax year 2018: ick he icon to view he income and deductions Click the con towe w the standard deduction amounts ick the con to view the 2018 tax rate schedule for the Single ling status Read the requirements Requirement a. Compute Loriann's taxable income and federal tax liabilty for 2018 First calculate the gross income, then calculale taxable income and the federal tax iability. (Calculate the 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:...
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...
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?...
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...
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...
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...
Linette, a single taxpayer, had the tollowing income and deductions tor the tax year 2018: C ck the icon to view the income and deductions. Click the icon to v ew the standard deduction amounts 을 (Cick the con to ew the 2018 tax rate schedule or he Single ng status. Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018. First calculate the gross income, then calculate taxable income and the federal tax liability....
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB (Click the icon to view the income and deductions.)(Click the icon to view the standard deduction amounts.) (Click the icon to view the 2018 tax rate schedule for the Single filing status.) Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018 First calculate the gross income, then calculate taxable income and the federal tax lability. (Calculate the tax...
Loriann, a single taxpayer, had the following income and deductions for the tax year 2018: ick he icon to view he income and deductions Click the con towe w the standard deduction amounts ick the con to view the 2018 tax rate schedule for the Single ling status Read the requirements Requirement a. Compute Loriann's taxable income and federal tax liabilty for 2018 First calculate the gross income, then calculale taxable income and the federal tax iability. (Calculate the tax...
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