LO.7 Pat is 40, is single, and has no dependents. She received a salary of $390,000 in
Question:
LO.7 Pat is 40, is single, and has no dependents. She received a salary of $390,000 in 2018. She earned interest income of $11,000, dividend income of $15,000. gambling winnings of $14,000, and interest income from private activity bonds (issued in 2015) of $40,000. The dividends are not qualified dividends. The follow- ing additional information is relevant. Medical expenses (before 7.5%-of-AGI floor) State income taxes Real estate taxes Mortgage interest on residence Investment interest expense Gambling losses $12,000 8,100 4,000 13,100 3,800 5,100 Compute Pat's tentative minimum tax for 2018.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Essentials Of Taxation Individuals And Business Entities 2019
ISBN: 9780357233290
1st Edition
Authors: William A Raabe, James C Young
Question Posted: