Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2022.

Question:

Medical expenses [$11,875 (7.5 % x $125,000)] State income taxes Charitable contributions Home mortgage

a. Calculate Wolfgang’s itemized deductions for AMT purposes.

b. What is the total amount of his AMT adjustments from these items?

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South Western Federal Taxation 2023 Essentials Of Taxation Individuals And Business Entities

ISBN: 9780357720103

26th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Posted: Sep 28, 2023 05:07 AM

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Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2016. Medical expenses [$15,000 - (10% $125,000)].................................$ 2,500 State...
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Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2022.

Question:

Medical expenses [$11,875 (7.5 % x $125,000)] State income taxes Charitable contributions Home mortgage interest on his personal residence $ 2,500 4,200 5,000 6,000 $17,700

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South Western Federal Taxation 2023 Essentials Of Taxation Individuals And Business Entities

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