Required information [The following information applies to the questions displayed below.] In 2021, Nadia is single and has $126,000 of regular taxable Income. She itemizes her deductions as follows: real property taxes of $2,800, state Income taxes of $3,300, and mortgage interest expense of $16,500 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $3,600 from a municipal bond (Issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $950 from the prior year. (Amounts to be deducted should be indicated by a minus sign.) a-1. What is Nadia's AMTI this year if she deducted $18,250 of itemized deductions last year and did not owe any AMT last year? Description Amount AMTI
Required information [The following information applies to the questions displayed below.] In 2021, Nadia is single and has $126,000 of regular taxable Income. She itemizes her deductions as follows: real property taxes of $2,800, state Income taxes of $3,300, and mortgage interest expense of $16,500 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $3,600 from a municipal bond (Issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $950 from the prior year. (Amounts to be deducted should be indicated by a minus sign.) a-1. What is Nadia's AMTI this year if she deducted $18,250 of itemized deductions last year and did not owe any AMT last year? Description Amount AMTI
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 28P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT