Donna, a single individual with no dependents, reports AGI of $100,000. She also reports the following itemized
Question:
Donna, a single individual with no dependents, reports AGI of $100,000. She also reports the following itemized deductions:
What are Donna’s allowable deductions for her alternative minimum taxable income (AMTI)?
a. $10,000
b. $16,000
c. $18,000
d. $28,000
Transcribed Image Text:
Medical expenses in excess of 10% of AGI $1,000 Interest on her home acquisition mortgage ($250,000 principal amount) 10,000 Property taxes on her principal residence 3,000 State income taxes 6,000 Qualified charitable contributions 5,000 Miscellaneous itemized deductions in excess of 2% AGI 3,000
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b 16000 Only the medical expenses mo...View the full answer
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Related Book For
Taxation For Decision Makers 2018
ISBN: 9781119373735
8th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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