In 2017, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Rays taxable income is $140,000, and they itemize their deductions as follows: real property taxes of $5,000, state income taxes of $9,000, and mortgage interest expense of $15,000 (not a home-equity loan). (Use 2017 AMT exemption amounts). Use Tax Rate Schedule for reference. (Round your intermediate answers to whole dollar value.)

a. What is Janet and Rays AMT?

b.

6251 Alternative Minimum Tax-Individuals OMB No. 1545-0074 201 6 Informaton about Form 6251 and its separate instructions is at www.rsgovworm625. to Form 1040 o 32 Part Alternative Minimum Taxable Income Soo instructions for how to complote oach ino 1 Iffiling Schedule A (Form 1040, enter the amount from Form 1040, line 41, and go to line 2. Otherwise, enter the amount from Form 1040, ine 38, and go to line 7. If less than zero, enter as a negative amount) 1 2 Medical and denta. If you or your spouse was 65 or older, enter the smaller of Schedule A (Form 1040). line 4, or 2.5%(0.025) of Form 1040, line 38. lfzero or less, enter-0- 3 Taxesfrom Schedule A (Form 1040), ine 9 Enter the home mortgage interest adjustment, ay, from line 6 of the worksheet in the instructions for this line4 5 Miscelanecus deducions from Schedule A (Form 1040, ine 27 6 IForm 1040, line 38, is $155,850 or less, enter-0- Otherwise, see instructions 7 Tax refund trom Form 1040, line 10 or line 21 8 Investment interest expense (iference between regular tax and AMT). 9 Depletion (dif erence between regular tax and AMT 10 Net operating loss deduction from Form 1040, line 21. Enter as a positive amount 11 Altemative tax net operating loss deduction 12 Interest from specited private activity bonds exempt from the regular tax 13 Qualified small business stock, see instructions 14 Exercise of incentive stock options (excess of AMT income over regular tax income 15 Estates and trusts (amount from Schedule K-1 (Form 1041), box 12, code A) 16 Becting large partnerships (amount from Schedue K-1 (Form 1065-B), box 8 17 Dispostion of property ference between AMT and regular tax gain or lost 18 Depreciation on assets placed in service after 1956 (ciflerence between regular tax and AMT 19 Passive activities kifference between AMT and regular tax income or loss) 20 Loss imitations (difference between AMT and regular tax income or loss) 21 Croulation costs (difference between regular tax and AMT 22 Long-term contracts (dftterence between AMT and regular tax income) 23 Mining costs (dfterence between regular tax and AMT) 24 Research and experimental costs (difference between regular tax and AMT 25 Income from certain installent sales befcre Janury 1,1987 26 Intangible driling costs preference 27 Other acjustments, induding income-based related adjustments 28 Aternative minimum taxable income. Combine lines 1 through 27. (If married filling separately and lie 21 26 28 is more than $247.450. see instructions.) Part II Alternative Minimum Tax (AMT 29 Exemption. (If you were under age 24 at the end of 2018, see instructions.) AND line 28 is not over.. THEN enter on ine 2. $119,700 IF your fling status is... Single or head of household Manied iling jointiy or qualitying widowr) 159.700 Mamied fling separatey If line 28 is over the amount shown above for your fling status, see instructions. $53,900 83.800 79.850 1,900 30 Subtract ine 29 from line 28. If more than zero, go to line 31. If zero or less, ente 0- here and on lines 31, 33 30 and 35, and go to line 34 If you are fiing Form 2555 or 2555-EZ see instructions tr the amount to mter e If you reported capital gain distributions direcity on Form 1040, ine 13 you reported quaified dividends 31 n Form 1040, live9 or you had agan on both lines 15 and 16 o Schedule D Form 1040) (as refigured for the AMT, it necessary), complete Part il on the back and enter the amount from line 64 here All others: If ine 30 is $186,300 or less ($93,150 or less if married filing separatelyl, multiply line 30by26% 0.26). Otherwise, multply Ine 30 by 28% 0.28) ad stiract sa726 (S1.863 if married fing separately) from the resut 31 32 Aternative minimum tax foreign tax credit (see instructions 33 Tentative minimum tax. Subtract line 32 from line 31 34 Add Form 1040, line 44 (minus any tax from Form 4972, and Form 1040, line 46. Subtract from the result any foreign tax ct from Form 1040, line 48. If you used Schedule J to figure your tax on Form 1040 line 44, refigure that tax without using Schedde J before completing this line (see inatruetional) 35 35 AMT. Subtract Ine 34 trom ine 33. H zero or less, enter-0- Enter here and on Form 1040, ine 45 For Paperwork Reduction Act Notice, see your tax return instructions Form 6251 p1e