Question

In 2017, Deon and NeNe are married filing jointly. They have three dependent children under 18 years of age. Deon and NeNe’s AGI is $915,600, their taxable income is $838,100, and they itemize their deductions as follows: real property taxes of $14,800, state income taxes of $59,000, miscellaneous itemized deductions of $4,200 (subject to but in excess of 2 percent AGI floor), charitable contributions of $7,600, and mortgage interest expense of $60,800 ($20,700 of which is attributable to a home-equity loan used to buy a new car)

What is Deon and NeNe's AMT?

Answer 1

ANSWER: DISCRIPTION AMT amount $838,100 REFERENCE 1. Regular taxable income 2. Personal ex 3. Real 4, state income taxes 5. Miscellaneous itemized deductions 6. Homee 7. AMT Income 8. Full ex 9. Phase out of ex 10. AMT ex 11. AMT base 12. AMT Rate 13. Tentative minimum tax 14. Regular tax ia 15. AMT $20,250 4050*5) S4050 $14,800 $59,000 $4,200 $20,700 $957,050 (1+2+3+4+5+6 $84,500 (ex $84,500 [$957050-$160900] 25% not exceed $84500 ex for 2017 taxes nterest expense amount AMT for 2017 for MF 01(8-9 $957,050 (7-10 26% and 28% 26% on first $187,800 of AMIT base and 28% on AMT base in excess of $187800 ($187800 rate for 2017 $264,218 | $187800 "2696, $48828 ($957050-$187800) 108%-$215390 $2,771,184 |($838100-$470700)+39.690+$131628 01(13-14) But not less than 0