Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Antonio reported the following itemized deductions on his 2020 tax return. His AGI for 2020 was $95,000. The mortgage interest is all qualified mortgage interest

Antonio reported the following itemized deductions on his 2020 tax return. His AGI for 2020 was $95,000. The mortgage interest is all qualified mortgage interest to purchase his personal residence. For AMT, compute his total adjustment for itemized deductions. 


Medical expenses (before 10.0% of AGI floor) =$ 8,500 


State income taxes =$ 6,500


Home mortgage interest= $ 14,500 


Charitable contributions =$ 3,500

Step by Step Solution

3.41 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

To compute the total adjustment for itemized deductions for the Alternative Minimum Tax AMT we need ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Taxation 2016

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

9th Edition

1259812774, 978-1259812774

More Books

Students also viewed these Accounting questions

Question

For 2015, how can the amount of the sales tax deduction determined?

Answered: 1 week ago

Question

Describe the organizational influences on ethical conduct

Answered: 1 week ago

Question

Explain the concept of an ethical dilemma

Answered: 1 week ago