Question
Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2016: Medical expenses [$15,000 (10% x $125,000)] $2,500 State
Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2016: Medical expenses [$15,000 (10% x $125,000)] $2,500 State income taxes 4,200 Charitable contributions 5,000 Home mortgage interest on his personal residence 6,000 Casualty loss (after $100 and 10% reductions) 1,800 Miscellaneous itemized deductions [$3,500 (2% x $125,000)] 1,000 $20,500
b. What is the total amount of his AMT adjustments from these items? There is a positive adjustment of $5,200.
c. Use the solution to (b) to complete Part I of Form 6251, the AMT form for individuals.
Line 1 $ ______
Line 3 $_____
Line 5 $ ____
Line 28 $______
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