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9/15 In 2021, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,157,200, and they itemize their deductions as
9/15
In 2021, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,157,200, and they itemize their deductions as follows: real property taxes of $19,900, charitable contributions of $27,350, and mortgage interest expense of $42,200 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. a. What is Deon and NeNe's AMT? Deon and NeNe's AMT Steve's tentative minimum tax (TMT) for 2021 is $253,000. (Leave no answer blank. Enter zero if applicable.) a. What is his AMT if his regular tax is $238,700? Alternative minimum tax b. What is his AMT if his regular tax is $262,750? Alternative minimum taxStep by Step Solution
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