Question
In 2021, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Rays taxable income (all
In 2021, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Rays taxable income (all ordinary) 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.
b. Complete Form 6251 for Janet and Ray. Visit the IRS website and download Form 6251. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2021 tax rules regardless of the year on the form.)
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