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this is for 2019 tax year. please provide work. thank you Data Table Billy, an unmarried taxpayer filing single with no dependents, has AGI of
this is for 2019 tax year. please provide work. thank you
Data Table Billy, an unmarried taxpayer filing single with no dependents, has AGI of $670,000 and reports the following items in 2019 (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts) Requirement What is Billy's AMT ability for 2019? Taxable income Tax preferences AMT adjustments related to itemized deductions liability 530,000 73,000 47,000 161 088 Begin by computing Billy's alternative minimum tax base amount for 2019 (Do not round intermediary calculations, only round the Regular Plus Print Done Alternative minimum taxable income (AMTI) Minus Alternative minimum tax base amount Complete the table below to determine Billy's AMT liability for 2019. (Do not found intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dolar Enter a ' if Billy does not have an AMT ability) Minus Alternative minimum tax (AMT) Reference Alternative Minimum Tax - 2019 If AMTI minus the exemption amount is: The Tax Is: But Not Of the Amount Over Over- Over 26% $ $ 0 $ 194,800* 194,800* $ 50,648 + *$97,400 and $25,324 for married taxpayers filing separately. 0 194,800 28% $ 2019 Basic 2019 Phaseout Threshold $ 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 Exemption 71,700 $ 111,700 55,850 510.300 1,020,600 510,300Step by Step Solution
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