Alex and Alicia Andrews file a joint tax return. On the return they show Alex's salary of
Question:
Alex and Alicia Andrews file a joint tax return. On the return they show Alex's salary of \(\$ 110,000\), interest income from corporate bonds of \(\$ 3,000\), dividends from domestic corporations of \(\$ 1,000\), and a net long-term capital gain of \(\$ 60,000\). They also had the following expenses for itemized deductions: \(\$ 18,000\) medical expenses, \(\$ 8,000\) home mortgage interest, \(\$ 5,000\) in consumer interest, \(\$ 4,000\) in deductible taxes, \(\$ 2,000\) charitable contributions, and \(\$ 1,200\) in miscellaneous deductions. The Andrews claim five exemptions on their return. Determine their net alternative minimum taxable income.
Step by Step Answer:
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback