Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $130,800. They have excess depreciation on real estate of $78,480, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $26,160, and they made charitable contributions of $13,080. They have no other itemized deductions. If Otto and Monica's taxable income for the current year is $91,560, determine the amount of their AMTI.
Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $130,800. They have excess depreciation on real estate of $78,480, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $26,160, and they made charitable contributions of $13,080. They have no other itemized deductions. If Otto and Monica's taxable income for the current year is $91,560, determine the amount of their AMTI.
Chapter6: Accounting Periods And Other Taxes
Section: Chapter Questions
Problem 12P: Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they...
Related questions
Question
Transcribed Image Text:Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $130,800. They have excess depreciation on real estate of $78,480, which must be added back to AGI to arrive at
AMTI. The amount of their mortgage interest expense for the year was $26,160, and they made charitable contributions of $13,080. They have no other itemized deductions.
If Otto and Monica's taxable income for the current year is $91,560, determine the amount of their AMTI.
$ 117,720 X
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT