In 2016, Janet and Ray are married filing jointly. They have five dependent children under 18 years
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In 2016, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income is $140,000, and they itemize their deductions as follows: real property taxes of $5,000, state income taxes of $9,000, and mortgage interest expense of $15,000 (not home-equity loan). What is Janet and Ray's AMT? Complete Form 6251 for Janet and Ray.
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Janet and Ray owe 552 of AMT AMT Description Amount Reference 1 Regular taxable income 140000 2 Personal exemptions 28350 4050 7 3 Real property taxes 5000 4 State income taxes 9000 5 AMTI 182350 Sum ...View the full answer
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Related Book For 
Taxation Of Individuals 2017
ISBN: 9781259548666
8th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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