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Click here to access the exemption table. a. Compute the Patels' alternative minimum taxable income (AMTI) for 2020. Taxable income 1,008,000 Plus: positive AMT adjustments
Click here to access the exemption table. a. Compute the Patels' alternative minimum taxable income (AMTI) for 2020. Taxable income 1,008,000 Plus: positive AMT adjustments 75,000 Plus: AMT preference items 67,500 Equals: AMTI $ 1,150,500 b. Compute the Patel's tentative minimum tax. Computation of AMT Base and Tax AMTI 1,150,500 AMT exemption AMT base TMT Status Married, joint Single or head of household Married, separate Exemption $113,400 72,900 56,700 Phaseout Begins at Ends at $1,036,800 $1,490,400 518,400 810,000 518,400 745,200
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