a-1. What is Nadia's AMTI this year if she deducted $18,500 of itemized deductions last year (including a total of $4,700 of real property taxes and state income taxes) and did not owe any AMT last year?
a-1. What is Nadia's AMTI this year if she deducted $18,500 of itemized deductions last year (including a total of $4,700 of real property taxes and state income taxes) and did not owe any AMT last year?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter10: Individuals: Income, Deductions, And Credits
Section: Chapter Questions
Problem 22P
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![Required information
[The following information applies to the questions displayed below.]
In 2023, Nadia is single and has $128,000 of regular taxable income. She itemizes
her deductions as follows: real property taxes of $2,900, state income taxes of
$3,400, and mortgage interest expense of $17,000 (acquisition indebtedness of
$200,000). In addition, she receives tax-exempt interest of $3,800 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 $1,000 from the
prior year.
Note: Amounts to be deducted should be indicated by a minus sign.
a-1. What is Nadia's AMTI this year if she deducted $18,500 of itemized deductions last year
(including a total of $4,700 of real property taxes and state income taxes) and did not owe any AMT
last year?
Description
Regular taxable income
AMTI
Amount](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd190b511-94b6-4963-9f46-cf3d15f94a78%2F39722634-50c3-4c91-9ee0-4a5cc43ebf85%2Fmio9y2b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
In 2023, Nadia is single and has $128,000 of regular taxable income. She itemizes
her deductions as follows: real property taxes of $2,900, state income taxes of
$3,400, and mortgage interest expense of $17,000 (acquisition indebtedness of
$200,000). In addition, she receives tax-exempt interest of $3,800 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 $1,000 from the
prior year.
Note: Amounts to be deducted should be indicated by a minus sign.
a-1. What is Nadia's AMTI this year if she deducted $18,500 of itemized deductions last year
(including a total of $4,700 of real property taxes and state income taxes) and did not owe any AMT
last year?
Description
Regular taxable income
AMTI
Amount
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