Question
Lynn, age 45, is single and has no dependents. Her income and expenses for 2022 are reported as follows. Income Salary $233,000 Taxable interest on
Lynn, age 45, is single and has no dependents. Her income and expenses for 2022 are reported as follows. Income Salary $233,000 Taxable interest on corporate bonds 13,700 Business income 64,000 Expenditures Home office expense deduction (associated with sole proprietorship) 3,200 State income taxes 6,000 Real estate taxes 8,500 Home mortgage (qualified housing) interest 9,200 Home equity loan interest 2,500 Investment interest 15,500 Cash contributions to various charities 2,900 The $64,000 business income is from Apex Office Supplies Company, a sole proprietorship that Lynn owns and operates from a home office. Lynns self-employment tax deduction related to the Apex business income is $814. Lynn received interest of $30,000 on City of Pensacola private activity bonds that were issued in 2016. Based on the financial information presented above, compute Lynn's AMT for 2022. Click here to access the Tax Rate Schedules. Click here to access exemption tables. If an amount is zero, enter "0". Round your intermediate computations and final answers to nearest dollar. Gross income $fill in the blank 1 Adjusted gross income $fill in the blank 2 Less: deductions from AGI fill in the blank 3 Taxable income $fill in the blank 4 Regular tax calculation Total tax $fill in the blank 5 Computation of alternative minimum tax Taxable income $fill in the blank 6 Plus: positive adjustments and tax preferences fill in the blank 7 Less: negative adjustment fill in the blank 8 Alternative minimum taxable income fill in the blank 9 Less: AMT exemption fill in the blank 10 AMT base $fill in the blank 11 TMT $fill in the blank 12 AMT $fill in the blank 13 0
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