Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2022
Question:
Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2022 federal income tax return:
a. What is the amount of Allen’s AMT adjustments related to itemized deductions?
b. What is Allen’s AMT liability for 2022?
Transcribed Image Text:
Adjusted gross income Taxable income Regular tax liability Tax preferences Itemized deductions including: Charitable contributions Medical expenses (before AGI floor) Mortgage interest on principal residence State income taxes Real estate taxes (before limitations) $82,450 47,950 6,166 20,000 7,500 10,000 10,000 5,000 8,000
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a State and local taxes are limited to a maximum 10000 ite...View the full answer
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Related Book For
Pearsons Federal Taxation 2023 Comprehensive
ISBN: 9780137840656
36th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse
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