Henry, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2019 federal income tax return: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Read the requirements. Requirement a. What is the amount of Henry's AMT adjustments related to itemized deductions? Complete the table below to determine Henry's total AMT adjustments related to itemized deductions. If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) AMT adjustments: Total adjustments Complete the table below to determine Henry's AMT liability for 2019. (Round all currency amounts to the nearest whole dollar. Complete all answer boxes. Enter a "0" if Henry does not have an AMT liability.) Plus: Alternative minimum taxable income (AMTI) Minus: Alternative minimum tax base amount % Menu Tentative minimum tax Minus: Alternative minimum tax (AMT) X 1 Data Table $ 72,000 45,000 Adjusted gross income Taxable income Regular tax liability Tax preferences Itemized deductions including: 5,759 17,000 Charitable contributions 9,500 9,600 Medical expenses (before AGI floor) Mortgage interest on personal residence 12,500 State income taxes 4,800 Real estate taxes (before limitations) 7,900 Print Done i Reference - Alternative Minimum Tax - 2019 If AMTI minus the exemption amount is: The Tax ls: Of the But Not Amount Over- Over Over- 0 $ 194,800 * 26% 0 194,800 * $ 50,648 * + 28% $ 194,800 *$ 194,800MFS and $50,648MFS for married taxpayers filing separately. 2019 Basic 2019 Phaseout Exemption Threshold $ 510,300 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 71,700 $ 111,700 1,020,600 55,850 510,300 X i Requirements a. What is the amount of Henry's AMT adjustments related to itemized deductions? What is Henry's AMT liability for 2019? b. Print Done Henry, an unmarried taxpayer filing single, has no dependents and reports the following items on his 2019 federal income tax return: (Click the icon to view the items reported in 2019.) (Click the icon to view the 2019 AMT exemption amounts.) Read the requirements. Requirement a. What is the amount of Henry's AMT adjustments related to itemized deductions? Complete the table below to determine Henry's total AMT adjustments related to itemized deductions. If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) AMT adjustments: Total adjustments Complete the table below to determine Henry's AMT liability for 2019. (Round all currency amounts to the nearest whole dollar. Complete all answer boxes. Enter a "0" if Henry does not have an AMT liability.) Plus: Alternative minimum taxable income (AMTI) Minus: Alternative minimum tax base amount % Menu Tentative minimum tax Minus: Alternative minimum tax (AMT) X 1 Data Table $ 72,000 45,000 Adjusted gross income Taxable income Regular tax liability Tax preferences Itemized deductions including: 5,759 17,000 Charitable contributions 9,500 9,600 Medical expenses (before AGI floor) Mortgage interest on personal residence 12,500 State income taxes 4,800 Real estate taxes (before limitations) 7,900 Print Done i Reference - Alternative Minimum Tax - 2019 If AMTI minus the exemption amount is: The Tax ls: Of the But Not Amount Over- Over Over- 0 $ 194,800 * 26% 0 194,800 * $ 50,648 * + 28% $ 194,800 *$ 194,800MFS and $50,648MFS for married taxpayers filing separately. 2019 Basic 2019 Phaseout Exemption Threshold $ 510,300 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 71,700 $ 111,700 1,020,600 55,850 510,300 X i Requirements a. What is the amount of Henry's AMT adjustments related to itemized deductions? What is Henry's AMT liability for 2019? b. Print Done
