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John Krasinski (single): Regular taxable income: $131,000. Regular tax liability: $22,365. Tax-exempt interest on Boston bond used to pay for renovations to the Fenway stadium
John Krasinski (single):
- Regular taxable income: $131,000.
- Regular tax liability: $22,365.
- Tax-exempt interest on Boston bond used to pay for renovations to the Fenway stadium (private activity) $600
- Itemized deduction for state/local taxes $10,000 (Courtney chose itemized deduction not standard deduction during the year)
- State income tax refund included in regular taxable income $900
- Qualified dividend $1,100 included in regular taxable income
Determine Johns (1) alternative minimum taxable income (AMTI), (2) alternative minimum tax (AMT) base, (3) tentative AMT, and (4) AMT.
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