Question: Problem 6-12 (Algorithmic) The Individual Alternative Minimum Tax (AMT) (LO 6.5) Otto and Monica are married taxpayers who file a joint tax return. For the

Problem 6-12 (Algorithmic) The Individual Alternative Minimum Tax (AMT) (LO 6.5)

Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $126,000. They have excess depreciation on real estate of $75,600, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $25,200, and they made charitable contributions of $12,600. They have no other itemized deductions.

If Otto and Monica's taxable income for the current year is $88,200, determine the amount of their AMTI.

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