Alice and Frank have the following items on their 2020 tax return: Determine the amount of the
Question:
Alice and Frank have the following items on their 2020 tax return:
Determine the amount of the adjustments that Alice and Frank will have to make in computing their alternative minimum tax.
Transcribed Image Text:
Adjusted gross income Less: Deductions from adjusted gross income: Medical expenses Less: 7.5% x $140,000 Home mortgage interest $140,000 $17,950 (10,500) $7,450 6,300 State income taxes 3,525 950 Property taxes Charitable contributions (cash) 575
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The primary adjustments that are required of individual taxpayers are for deductions from adjusted g...View the full answer
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Related Book For
Concepts In Federal Taxation 2021
ISBN: 9780357141212
28th Edition
Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg
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