The following additional information is available for the Dr. Ivan

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5.
Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan $440,000 in tax-free interest. Since the bonds are private activity bonds, the $440,000 is a tax preference for purposes of the alternative minimum tax (AMT). Assume for Chapters 6, 7, and 8 that Ivan's federal income tax withholding from his wages is $12,000, not $6,000. Also assume that Ivan does not owe any penalties for underpaying his tax because he meets one of the exceptions discussed later in Chapter 9.
Required:
Combine this new information about the Incisor family with the information from Chapters 1-5 and complete a revised 2012 tax return for Ivan and Irene. Be sure to save your data input files since this case will be expanded with more tax information in later chapters.
This problem requires the calculation of alternative minimum tax (AMT). The home equity interest of $900 on the purchase of an automobile is not deductible for AMT (see line 4 of Form 6251). Please also note that page 2 of Form 6251 must be filled in to calculate the lower AMT amount on qualified dividends and that the Saver's Credit still applies.
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
The following additional information is available for the Dr. Ivan
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...