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HW 8: Ch. 8 i Saved Help Save & Exit Submit Problem 8-55 (LO 8-2) (Algo) [The following information applies to the questions displayed below.) 5 In 2020, Nadia has $120,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $2,500, state income taxes of $3,000, and mortgage interest expense of $15,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $3,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out- of-state employer. Finally, she received a state tax refund of $800 from the prior year. Part 1 of 2 10 points Problem 8-55 Part a (Algo) eBook a-1. What is Nadia's AMTI this year if she deducted $17,500 of itemized deductions last year and did not owe any AMT last year? (Amounts to be deducted should be indicated by a minus sign.) Print References Amount Description Regular taxable income $ 120,000 Personal exemption Interest from private activity bond Real estate taxes State income taxes State tax refund AMTI $ 120,000 HW 8: Ch. 8 Saved Help Save & Exit Submit 6 Required information Problem 8-55 (LO 8-2) (Algo) (The following information applies to the questions displayed below.) Part 2 of 2 In 2020, Nadia has $120,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $2,500, state income taxes of $3,000, and mortgage interest expense of $15,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $3,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out- of-state employer. Finally, she received a state tax refund of $800 from the prior year. 10 points Skipped Problem 8-55 Part b (Algo) eBook Print b-1. What is Nadia's AMTI this year if she deducted the standard deduction last year and did not owe any AMT last year? References Description Amount AMTI $ 0