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hi there, I need some help with getting the alternative minimum amount right, I did the other part but just can't get this part right.
hi there, I need some help with getting the alternative minimum amount right, I did the other part but just can't get this part right. Your help will be appreciated
Steve Jackson (age 51) is a single taxpayer living at 3215 Pacific Dr., Del Mar, CA 92014. His Social Security number is 465-88-9415. In 2015, Steve's earnings and income tax withholding as the manager of a local hotel are: Earnings from the Ocean View Hotel $121,000 Federal income tax withheld 18,500 State income tax withheld 9,300 Steve's other income includes interest from General Electric bonds of $2,500 and interest on a savings account at Wells Fargo Bank of $3,210. Also, Steve received tax-exempt interest of $29,200 on private activity bonds that is subject to alternative minimum tax. Steve had full medical coverage for the entire tax year. During the year, Steve paid the following amounts (all of which can be substantiated): Home mortgage interest $31,600 Credit card interest 1,760 Auto insurance 900 State income taxes paid in 2015 (for 2013 audit) 12,540 Property taxes on personal residence 6,200 Kaiser HMO premiums 4,800 Other medical expenses 790 CPA fees paid to handle 2013 state audit 7,000 Charitable contributions: Girl Scouts San Diego State University 10,000 Italian Red Cross 800 250 Required: Complete Steve's federal tax return for 2015. Use Form 1040, Schedule A, and Schedule B and Form 6251. Make realistic assumptions about any missing dataStep by Step Solution
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