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In 2020, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Rays taxable income is
In 2020, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Rays taxable income is $2,400,000, and they itemize their deductions as follows: state income taxes of $10,000 and mortgage interest expense of $25,000 (acquisition debt of $300,000). Use Exhibit 8-5 and Tax Rate Schedule for reference.
Can anyone help with the Form 6251? I have no idea how to fill it out.
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