17.

In 2020, John and Lisa are married filing jointly. John and Lisas taxable income is $1,240,000 (which includes $100,000 of long-term capital gain income). Included in their taxable income is a state tax refund of $1,400. Additionally, they received $82,500 of tax-exempt interest from private activity bonds. John and Lisa itemize their deductions as follows: real property taxes and state income taxes of $10,000, mortgage interest expense of $25,000 (acquisition debt), and charitable donations of $12,000. What is John and Lisas AMT? John and Lisas itemized deductions were $59,000 last year. The standard deduction for MFJ was $24,400 last year.