26. LO.5 Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions

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26. LO.5 Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2021.

Medical expenses [$15,000 2 (7.5% 3 $125,000)] $ 5,625 State income taxes 4,200 Charitable contributions 5,000 Home mortgage interest on his personal residence 6,000 20,825

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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Essentials Of Taxation Individuals And Business Entities

ISBN: 233160

1st Edition

Authors: Nellen/Young/Raabe/Maloney

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Question Posted: Jul 18, 2024 07:10 AM

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26. LO.5 Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions

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Essentials Of Taxation Individuals And Business Entities

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