In 2017, Nadia has $100,000 of regular taxable income. She itemizes her deductio

Question

In 2017, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (not a home-equity loan). In addition, she receives tax-exempt interest of $1,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $300 from the prior year.

a-1. What is Nadia's AMTI this year if she deducted $15,000 of itemized deductions last year (she did not owe any AMT last year)? (Amounts to be deducted should be indicated by a minus sign.)

        

In 2017, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (not a home-equity loan). In addition, she receives tax-exempt interest of $1,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $300 from the prior year. a-1. What is Nadia's AMTI this year if she deducted $15,000 of itemized deductions last year (she did not owe an MT last year)? (Amounts to be deducted should be indicated by a minus sign.) Description Amount AMTI

Explanation / Answer

Answer

AMTI = 107850

no description amount 1 regular taxable income 1000000 2 personal exemption 3650 3 interest from private activity bond 1000 4 real estate taxes 1500 5 state income taxes 2000 6 state tax refund - 300 AMTI 107850

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