Required information [The following information applies to the questions displayed below.] In 2019, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income is $2,400,000, and they itemize their deductions as follows: state income taxes of $10,000, and mortgage interest expense of $25,000 (acquisition debt of $300,000). Use Exhibit 8-5. and Tax Rate Schedule for reference. What is Janet and Ray's AMT? Janet and Ray's AMT EXHIBIT 8-5 2019 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single $111.700 55.850 71,700 Phase-Out Begins at Phase-Out Complete for This Level of This Level of AMTI AMTI $1,020,600 $1,467,400 510,300 733.700 510.300 797.100 Required information [The following information applies to the questions displayed below.] In 2019, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income is $2,400,000, and they itemize their deductions as follows: state income taxes of $10,000, and mortgage interest expense of $25,000 (acquisition debt of $300,000). Use Exhibit 8-5. and Tax Rate Schedule for reference. What is Janet and Ray's AMT? Janet and Ray's AMT EXHIBIT 8-5 2019 AMT Exemptions Filing Status Exemption Married filing jointly Married filing separately Head of household and single $111.700 55.850 71,700 Phase-Out Begins at Phase-Out Complete for This Level of This Level of AMTI AMTI $1,020,600 $1,467,400 510,300 733.700 510.300 797.100