AMT and Wolfgang's Itemized Deductions
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Wolfgang's AGI is $140,000. He has the following itemized deductions for 2007:
Medical expenses [$12,000 - (7.5% x $140,000)] $1,500
State income taxes $4,200
Charitable contributions $5,000
Home mortgage interest on his personal residence $6,500
Casualty loss (after $100 and 10% reductions) $1,800
Miscellaneous itemized deductions
[$3,500-2%($140,000)] 700
_________
$19,700
a) Calculate Wolfgang's itemized deductions for AMT purposes
b) What is the amount of the AMT adjustment.
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Solution Summary
This solution of 134 words shows step-by-step calculations of Wolfgang's itemized deductions for AMT purpose and the amount of the AMT adjustment. All formulas are shown with workings.
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a) Calculate Wolfgang's itemized deductions for AMT purposes
Medical expenses [$12,000 - (7.5% x $140,000)] $1,500
Charitable ...
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