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    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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    Solution Preview

    The allowed itemized deductions are:
    1. medical ...

    Solution Summary

    This solution provides assistance with AMT adjustments and computing tax.