Question: In 2017, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income is

In 2017, 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 357 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 full answer

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