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a-1. What is Nadia's AMTI this year if she deducted $15,500 of itemized deductions last year (including a total of $4,000 of real property taxes and state income taxes) and did not owe any AMT last year? Description Regular taxable income Real estate taxes State income taxes Interest from private activity bond State tax refund AMTI $ Amount $ 104,000 1,700 2,200 (400) 107,500

a-1. What is Nadia's AMTI this year if she deducted $15,500 of itemized deductions last year (including a total of $4,000 of real property taxes and state income taxes) and did not owe any AMT last year? Description Regular taxable income Real estate taxes State income taxes Interest from private activity bond State tax refund AMTI $ Amount $ 104,000 1,700 2,200 (400) 107,500

Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 26CE
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a-1. What is Nadia's AMTI this year if she deducted $15,500 of itemized deductions last year (including a total of $4,000 of real property taxes and state income taxes) and did not owe any AMT last year? Description Regular taxable income Real estate taxes State income taxes. Interest from private activity bond State tax refund AMTI $ Amount $ 104,000 1,700 2,200 (400) 107,500
Transcribed Image Text:a-1. What is Nadia's AMTI this year if she deducted $15,500 of itemized deductions last year (including a total of $4,000 of real property taxes and state income taxes) and did not owe any AMT last year? Description Regular taxable income Real estate taxes State income taxes. Interest from private activity bond State tax refund AMTI $ Amount $ 104,000 1,700 2,200 (400) 107,500
In 2022, Nadia is single and has $104,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,700, state income taxes of $2,200, and mortgage interest expense of $11,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,400 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 $400 from the prior year. Note: Amounts to be deducted should be indicated by a minus sign.
Transcribed Image Text:In 2022, Nadia is single and has $104,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,700, state income taxes of $2,200, and mortgage interest expense of $11,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,400 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 $400 from the prior year. Note: Amounts to be deducted should be indicated by a minus sign.
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