Alberts grandfather died and left a portfolio of municipal bonds. In 2016, they pay Ivan $80,000 in tax-free interest. Since the bonds are private activity bonds, the $80,000 is a tax preference for purposes of the AMT. assume for chapters 6, 7 & 8 that Albert's federal income tax withholding from his wages is $12,000 not $6,120. REQUIRED. combined this new information about the Gaytor family with the information from Ch1-5 and complete a revised 2016 tax return for Albert and Allison. NOTE: This problem requires the calculation of AMT. The home equity interest of $900 on the purchase of an automobile is not deductible for AMT. Please also note that page 2 of form 6251 must be filled in to calculate the lower AMT amount on qualified dividends and that the Saver's Credit still applies. (The return is 11 pages long not sure if all the info is needed)
1040 us. Individual Income Tax Returm 2016 Your social security number Albe rt a Jointre turm, spouse's first name and Inlt Allison 266-51-1966 266-34-1967 Make sure the SSN(s) above Last name Spouse's social security number Gaytor Home add ss (number and street). If you have a P.O. box, see Instructions. 12340 Cocoshell Road and on IIne 6c are correct City, town or post omice, stata, and ZiP code. If you have a foreign address, also complate spacas below (see Insructions). Coral Gables FL 33134 horo you, or your spoue ing iny want $3 to go to this tund. Chocking Foreign country name Foreign province/statelcounty Foreign postal code la box low wil You Filing Status Single Head of household (with qualifying person). (See instr.) If the qualifying person is a child but not your dependent, enter this 2Married filing jointly (even if only one had income) 3 Married filing separately. Ener spouse's SSN above and full name here Check only one 5Qualitying widow(er) with de pendent child checked Exemptions 6a XYourself. If someone can claim you as a dependent, do not check bax 6a 6a and 6b No. of children on 6c who: pendents: (2) Dependents social sacourity number 3) Dopendent's mit edwith you not lhe w aliying for child (1) First Lac rame you due to divorce 1-55-1212Son If more than four dependents, see (se0 Instructions) not enternd aboe check here otal number of exemptions claimed 7 Wages, salaries, tips, etc. Attach Form(s) W-2 65, 250 , 070 8a Taxable interest. Attach Schedule B if required b Tax-exempt interest. Do not include on ine 8a 9a Ordinary dividends. Attach Schedule B if required Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. 1,580 bQualified dividends 9b 42 10 Taxable refunds, credits, or offsets of state and local income taxes 12 13 Capital gain or (loss).Atach Schodulo Dnoqutrod. If not roquinod, chack hoo 14 Other gains or (losses). Attach Form 4797 15a IRA distributions 16a Pensions and annuities ROLLOVER 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach ScheduleE 18 Farm income or (loss). Attach Schedule F 19 Unemployment compensation 20a Social security benefits 21 Other income. List type and amount 22 Combine the amounts in the far 23 Educator expenses 24 Certain business expenses of reservists, performing artists, and Business income or (loss)Atach Schedule C or C-EZ If you did not b Taxable amount b Taxable amount b Taxable amount SEE ATTACHED 21 column for lines 7 th 21. This is your total income 82, 347 Adjusted Gross fee-basis govemment officials. Attach Fom 2106 or 2106-EZ savings account deduction. Attach Form 8889 25 Health 26 Moving expenses. Attach Form 3903 27 Deductible part of self-employment tax. Attach Schedule SE 28 Selfemployed SEP, SIMPLE, and qualified plans 29 Selfemployed health insurane deduction 30 Penalty on early withdrawal of savings 31a Alimony paid b Recipient's SSN 32 IRA deduction 33 Student loan interest deduction 34 Tuition and fees. Attach Form 8917 35 Domestic production activities deduction. Attach Form 8903 36 Add lines 23 through 35 37 Subtract ine 36 from line 22. This is your adjusted gross income 667-34-9224 32 35 36 KIA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Form 1040 (2016) 1040 us. Individual Income Tax Returm 2016 Your social security number Albe rt a Jointre turm, spouse's first name and Inlt Allison 266-51-1966 266-34-1967 Make sure the SSN(s) above Last name Spouse's social security number Gaytor Home add ss (number and street). If you have a P.O. box, see Instructions. 12340 Cocoshell Road and on IIne 6c are correct City, town or post omice, stata, and ZiP code. If you have a foreign address, also complate spacas below (see Insructions). Coral Gables FL 33134 horo you, or your spoue ing iny want $3 to go to this tund. Chocking Foreign country name Foreign province/statelcounty Foreign postal code la box low wil You Filing Status Single Head of household (with qualifying person). (See instr.) If the qualifying person is a child but not your dependent, enter this 2Married filing jointly (even if only one had income) 3 Married filing separately. Ener spouse's SSN above and full name here Check only one 5Qualitying widow(er) with de pendent child checked Exemptions 6a XYourself. If someone can claim you as a dependent, do not check bax 6a 6a and 6b No. of children on 6c who: pendents: (2) Dependents social sacourity number 3) Dopendent's mit edwith you not lhe w aliying for child (1) First Lac rame you due to divorce 1-55-1212Son If more than four dependents, see (se0 Instructions) not enternd aboe check here otal number of exemptions claimed 7 Wages, salaries, tips, etc. Attach Form(s) W-2 65, 250 , 070 8a Taxable interest. Attach Schedule B if required b Tax-exempt interest. Do not include on ine 8a 9a Ordinary dividends. Attach Schedule B if required Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. 1,580 bQualified dividends 9b 42 10 Taxable refunds, credits, or offsets of state and local income taxes 12 13 Capital gain or (loss).Atach Schodulo Dnoqutrod. If not roquinod, chack hoo 14 Other gains or (losses). Attach Form 4797 15a IRA distributions 16a Pensions and annuities ROLLOVER 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach ScheduleE 18 Farm income or (loss). Attach Schedule F 19 Unemployment compensation 20a Social security benefits 21 Other income. List type and amount 22 Combine the amounts in the far 23 Educator expenses 24 Certain business expenses of reservists, performing artists, and Business income or (loss)Atach Schedule C or C-EZ If you did not b Taxable amount b Taxable amount b Taxable amount SEE ATTACHED 21 column for lines 7 th 21. This is your total income 82, 347 Adjusted Gross fee-basis govemment officials. Attach Fom 2106 or 2106-EZ savings account deduction. Attach Form 8889 25 Health 26 Moving expenses. Attach Form 3903 27 Deductible part of self-employment tax. Attach Schedule SE 28 Selfemployed SEP, SIMPLE, and qualified plans 29 Selfemployed health insurane deduction 30 Penalty on early withdrawal of savings 31a Alimony paid b Recipient's SSN 32 IRA deduction 33 Student loan interest deduction 34 Tuition and fees. Attach Form 8917 35 Domestic production activities deduction. Attach Form 8903 36 Add lines 23 through 35 37 Subtract ine 36 from line 22. This is your adjusted gross income 667-34-9224 32 35 36 KIA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Form 1040 (2016)
