Julio, an unmarried taxpayer filing single with no dependents, has AGI of $690.000 and reports the following items in 2018: (Click the icon to view the items reported in 2018.) (Click the icon to view the 2018 AMT exemption amounts.) Requirement What is Julio's AMT liability for 2018? Begin by computing Julio's alternative minimum tax base amount for 2018. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar.) Plus: Alternative minimum taxable income (AMTI) Minus: Alternative minimum tax base amount Complete the table below to determine Julio's AMT liability for 2018. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole doilar. Enter a "0" if Julio does not have an AMT liability.) Minus Alternative minimum tax (AMT) - X Data Table $ 590,000 75,000 Taxable income Tax preferences AMT adjustments related to itemized deductions Regular tax liability 46,000 183,990 Reference - Alternative Minimum Tax - 2018 If AMTI minus the exemption amount is: The Tax is: Of the Amount But Not Over- 26% S 0 Over- Over- OS 191,100* 191.100 * s 49,686 * + *$95,550 and $24,843 for married taxpayers filing separately 28% S 191,100 2018 Basic 2018 Phaseout Exemption Threshold $ 70,300 $ 500,000 AMT exemption and phase-out amounts: Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing joint returns and surviving spouses Married individuals filing separate returns 1,000,000 109,400 54,700 500,000 Julio, an unmarried taxpayer filing single with no dependents, has AGI of $690.000 and reports the following items in 2018: (Click the icon to view the items reported in 2018.) (Click the icon to view the 2018 AMT exemption amounts.) Requirement What is Julio's AMT liability for 2018? Begin by computing Julio's alternative minimum tax base amount for 2018. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar.) Plus: Alternative minimum taxable income (AMTI) Minus: Alternative minimum tax base amount Complete the table below to determine Julio's AMT liability for 2018. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole doilar. Enter a "0" if Julio does not have an AMT liability.) Minus Alternative minimum tax (AMT) - X Data Table $ 590,000 75,000 Taxable income Tax preferences AMT adjustments related to itemized deductions Regular tax liability 46,000 183,990 Reference - Alternative Minimum Tax - 2018 If AMTI minus the exemption amount is: The Tax is: Of the Amount But Not Over- 26% S 0 Over- Over- OS 191,100* 191.100 * s 49,686 * + *$95,550 and $24,843 for married taxpayers filing separately 28% S 191,100 2018 Basic 2018 Phaseout Exemption Threshold $ 70,300 $ 500,000 AMT exemption and phase-out amounts: Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing joint returns and surviving spouses Married individuals filing separate returns 1,000,000 109,400 54,700 500,000
