Question
Harold J. Milton (SSN 000-22-1111) is 66 years old is unmarried filing single with no dependents. He had the following income and deductions for 2016:
Harold J. Milton (SSN 000-22-1111) is 66 years old is unmarried filing single with no dependents. He had the following income and deductions for 2016:
Salary $177,000 State
income taxes 18,000
Interest income from bank 12,000
Mortgage interest expense on residence 19,000
Dividend income (qualified) 18,000
Deductible IRA contribution 5,000
Interest expense on car loan 3,000
Tax-exempt interest from municipal bonds 24,000
Real estate taxes on residence 2,000
Charitable contributions 27,000
Miscellaneous deductionsother (before the 2% AGI floor) 7,000
Income taxes withheld 20,000
Estimated tax payments ($2,500 per quarter) 10,000
Complete Miltons 2011 Form 1040, Schedule A, B, D, Form 6251, and Form 8690 . Milton had AGI in 2016 of $200,000 and his 2016 income tax liability was $46,000
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