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0 Required information Problem 8-62 (LO 8-2) The following information applies to the questions displayed below.) In 2018, Janet and Ray are married filing jointly.

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0 Required information Problem 8-62 (LO 8-2) The following information applies to the questions displayed below.) In 2018, Janet and Ray are married filing jointly. Janet and Ray's taxable income is $2,520,000, and they itemize their deductions as follows: state income taxes of $10,000, and mortgage interest expense of $25.000 (acquisition debt of $500.000). Use Exhibit8-5 and Tax Rate Schedulefor reference Problem 8-62 Part b (MUST MANUALLY GRADE) Download the Tax Form and enter the required values in the appropriate fields. Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." Use 2018 tax rules regardless of year on tax form. 6251 Altemative Minimum Tax-Individuals 2017 Go to wwwirs gowlFom251 for instructions and the latest information Altach to Form 1040 or Form 104ONR Part Alternative Minimum Taable ncome See instruc Sona for how to compet 1 ling Schedule A (Farm 104Q, enter the amount from Form 1040, ine 41, and go to line 2. Otharwise, each enter the amount trom Form 1040 Ine 38 and go to line 7. less than zera enter as a negative amount.)1 2 Reserved for future use 3 Taxes tram Schedule A Fomm 1040), Ine 4 Enter the home mortgage interest adjustment, if any, rom ine 6 of the worksheet in the instructions for this ine 4 5 Mscelaneous deductions from Schedue A (Fom 1040, Iine 27 6 Formm 1040, ine 38, is $156,900 or less, enter-O.Otherwise, see instruction 7 Tax ntund from Form 1040, ine 10 or ine 21 8 Investment interest expense (iflerence between reguar tax and AMT). 9 Dapletion (ditference between regular tax and AMT) 10 Net operating loss deduction fram Farm 1040 ine 21. Enter as a positive amount 10 Altemative tax net operating loss deduction 12 Intorest from specified private activity bonds exempt from the regular tax 13 Qualifed smal business stock, see instructions 14 Exaroise af incentive stock options jexcess of AMT income over regular tax income 5 Estates and trusts (amount from Schedule K-1 (Farm 10411 box 12, code A 16 Becting large partnerships(amount from Schedule K-1 Fom 1065-B box 17 Disposition of property dierence between AMT and mgular tax gain or o 18 Depreciation on assets placed in service aher 1986 i lerence between reguar tax and AMT 19 Passive activities (difflorence bet wean AMT and regular tax income or loss) 20 Loss limitations (dflerence betwean AMIT and reguar tax income or loss) 21 Crculation costs (difference between reguar tax and AMT 22 Long-tem contracts (difference between AMT and raguiar tax inoome) 23 Mning costs (diference between reguar tax and AMD 24 Research and experimental costs (dfierance between eg/lar tax and AMT 25 Ihcome from certain instalment sales betore January 1, 1987 2 Intangible drilling costs preference 7 Other adjustments, indluding income-based related adjustments 28 Niternative minimum taxable income. Combine ines 1 through 27.married ing separably and ine 21 25 27 $2494 Alternative Minimum T 29 Exemption Ifyouware under age 24 at the end of 201 7, see instructions) F your iling status is... A ND ine $120,700 isnot over TEN enter on line 29 Single or head of household Mamied ting separately T ine 28 is over the amount shown above for yor ting stata, see instructions and 35, and go to line 34 Iyou eported capital gain dstributions dractly on Fom 1040 Ine 13 you reported qualited didnd $54,300 84500 80.450 31 .you are filing Form 2565 or 2555-EZ, see instructions br the amount to enter. Form 1040 line igured for the AMT, i necessanyl complee Part on the back andenter the amount from or you had a gain on both lines 15 and 16 of Schedule D Form 1042) (a All others ine 30 is $187 800 or less ($83 ,200 or les id manried fing separateymuiply ine mamied fiing separatelyil trom the resut 32 Atemative minimum tax foreign tax credit (see instructiona) 33 Tentative minimum tax Subtract ine 32 from line 31 34 Add Form 1040, line 44 (minun any tax from Form breign tax credit from Form 1040, line 48. I you used Schedude J refigure hat tax without using Schedule J betore completing this ine (see instructions) 34 ne 34 from Ine 33.zve or les enter Enter here and on Fom 1043 e 45 For Paperwork Redue tion Act Notice, see your tax retum Instructions 6251 EXHIBIT 8-5 2018 AMT Exemptions Phase-Out Complete for This Level of AMTI Phase-Out Begins at Filing Status Exemption This Level of AMT Married fling jointly Married filing separately Head of household and single $109,400 54,700 70,300 $1,000,000 500,000 500,000 $1,437,600 718,800 781,200

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