Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following
Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8-5. (Leave no answer blank. Enter zero if applicable.)
EXHIBIT 8-5 2021 AMT Exemptions
Filing Status | Exemption | Phase-Out Begins at This Level of AMTI | Phase-Out Complete for This Level of AMTI |
---|---|---|---|
Married filing jointly | $114,600 | $1,047,200 | $1,505,600 |
Married filing separately | 57,300 | 523,600 | 752,800 |
Head of household and single | 73,600 | 523,600 | 818,000 |
a. Her AMTI is $401,000.
Amount of AMT exemption:
b. Her AMTI is $1,084,400.
Amount of AMT exemption:
c. Her AMTI is $1,611,000.
Amount of AMT exemption:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started