AMT Adjustments & Computation of Tax
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AMT Adjustments and computation of Tax.
Allen, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2009 federal income tax return:
Adjusted gross income $75,000
taxable income 48,000
Regular tax liability 8,188
Tax preferences 20,000
Itemized deductions including:
Charitable contributions 7,500
Medical expenses (before AGI floor) 10,000
Mortgage interest on personal residence 10,000
State income taxes 5,000
Real estate taxes 8,000
What is the amount of Allen's AMT adjustments related to itemized deductions?
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The allowed itemized deductions are:
1. medical ...
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