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[The following information applies to the questions displayed below.] In 2020, Juanita is married and files a joint tax return with her husband. What is
[The following information applies to the questions displayed below.]
In 2020, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Input all values as positive. Leave no answer blank. Enter zero if applicable.)
a. Her AMT base is $100,000, all ordinary income. Amount Description (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax b. Her AMT base is $250,000, all ordinary income. Amount Description (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax c. Her AMT base is $100,000, which includes $10,000 of qualified dividends. Amount Description (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax d. Her AMT base is $250,000, which includes $10,000 of qualified dividends. Amount Description (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9.235 plus 22% of the excess over $80,250 $171,050 $326,600 $29.211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 $622,050 $167.307.50 plus 37% of the excess over $622,050 Tax Rates for Net Capital Gains and Qualified Dividends Rate 0% 15% Married Filing Jointly $0 - $80.000 $80,001 - $496,600 $496,601+ Married Filing Separately $0 - $40.000 $40,001 - $248,300 $248,301+ Taxable Income Single SO - $40,000 $40,001 - $441,450 $441,451+ Head of Household SO - $53,600 $53,601 - $469,050 $469,051+ Trusts and Estates SO - $2,650 $2,651 - $13,150 $13,151+ 20% *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)
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