In 2021, Janet and Ray are married filing jointly. They have five dependent children under 18...
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In 2021, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income (all ordinary) is $2,404,200, and they itemize their deductions as follows: state income taxes of $16,300 and mortgage interest expense of $25,000 (acquisition debt of $300,000). a. What is Janet and Ray's AMT? Janet and Ray's AMT In 2021, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income (all ordinary) is $2,404,200, and they itemize their deductions as follows: state income taxes of $16,300 and mortgage interest expense of $25,000 (acquisition debt of $300,000). a. What is Janet and Ray's AMT? Janet and Ray's AMT
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Answer rating: 100% (QA)
AMT Description Amount Reference 1 Regular taxable income 2400000 2 State income taxes 10000 3 AMTI ... View the full answer
Related Book For
Essentials of Federal Taxation 2018
ISBN: 9781260007640
9th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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