Joan and Matthew are married, have 2 children, and report the following items on their current year's
Question:
Joan and Matthew are married, have 2 children, and report the following items on their current year's tax return:
Determine Joan and Matthew's regular tax liability and, if applicable, the amount of their alternative minimum tax. Write a memo to Joan and Matthew explaining the adjustments they will have to make in computing their alternative minimum tax.
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Adjusted gross income Less: Deductions from adjusted gross income: $178,000 Medical expenses Less: 10% x $178,000 Home mortgage interest Home equity loan (for college education) State income taxes Property taxes Charitable contributions Miscellancous itemized deduction Less: 2% × SI 78,000 Total itemized deductions 17,800) S 2.150 13,500 9,000 12,000 9,700 7,000 s 5,200 (3,560) 1640 (54,990) (16,000) Less: Exemptions (4 × $4,000)
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Related Book For
Concepts In Federal Taxation 2016
ISBN: 9781305585133
23rd Edition
Authors: Kevin Murphy, Mark Higgins
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