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In 2022, Nadia is single and has $102,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,600, state
In 2022, Nadia is single and has $102,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,600, state income taxes of $2,100, and mortgage interest expense of $10,500 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,200 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $350 from the prior year. Note: Amounts to be deducted should be indicated by a minus sign. Problem 8-55 Part b-1 (Algo) b-1. What is Nadia's AMTI this year if she deducted the standard deduction last year and did not owe any AMT last year? Description. Regular taxable income Amount AMTI
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