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Bonnie, who is single and itemizes deductions, reports a zero taxable income for 2021. She incurs positive timing adjustments of $200,000 and AMT exclusion items
Bonnie, who is single and itemizes deductions, reports a zero taxable income for 2021. She incurs positive timing adjustments of $200,000 and AMT exclusion items of $100,000 for the year. Click here to access exemption tables. If required, round your answers to the nearest dollar. If an amount is zero, enter "o". a. Compute Bonnie's AMTI and AMT. AMTI computation Taxable income $0 timing adjustments AMT exclusion items AMTI AMT exemption AMT base AMT computation Tentative minimum tax Less: regular tax liability AMT Phaseout Status Begins at Ends at Married, joint Single or head of household Married, separate Exemption $114,600 73,600 57,300 $1,047,200 523,600 523,600 $1,505,600 818,000 752,800
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