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Create a table for the answer to this problem. Include these categories: AMT; Regular Tax: Adjustment. Charles had the following itemized deductions in 2014: State
Create a table for the answer to this problem. Include these categories: AMT; Regular Tax: Adjustment.
Charles had the following itemized deductions in 2014:
State income taxes | $3,000 |
Charitable contributions | 4,900 |
Mortgage interest (personal residence) | 14,000 |
Medical expenses [$8,000-(7.5% $75,000)] | 2,375 |
Miscellaneous [$3,200-(2%$75,000)]
| 1,700 |
What are Charles itemized deductions for AMT purposes?
What is the amount of the AMT adjustment?
Please keep all figures
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