Requirement What is David's AMT liability for 2019? Begin by computing David's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar.) Plus: Alternative minimum taxable income (AMTI) Minus: Alternative minimum tax base amount Complete the table below to determine David's AMT liability for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar. Enter a "0" if David does not have an AMT liability.)
Requirement What is David's AMT liability for 2019? Begin by computing David's alternative minimum tax base amount for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar.) Plus: Alternative minimum taxable income (AMTI) Minus: Alternative minimum tax base amount Complete the table below to determine David's AMT liability for 2019. (Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar. Enter a "0" if David does not have an AMT liability.)
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 13P
Related questions
Question
100%
David, an unmarried taxpayer filing single with no dependents, has AGI of
$630,000 and reports the following items in 2019:
Requirement
What is David's AMT liability for 2019?
Begin by computing David's alternative minimum tax base amount for 2019.
(Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar.)
(Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar.)
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Plus:
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Alternative minimum taxable income (AMTI)
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Minus:
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Alternative minimum tax base amount
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Complete the table below to determine David's AMT liability for 2019.
(Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar. Enter a "0" if David does not have an AMT liability.)
(Do not round intermediary calculations, only round the amounts you enter into the input cell to the nearest whole dollar. Enter a "0" if David does not have an AMT liability.)
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Minus:
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Alternative minimum tax (AMT)
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Choose from any list or enter any number in the input fields and then continue to the next question.
Data Table
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Taxable income
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$520,000
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Tax preferences
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46,000
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AMT adjustments related to itemized deductions
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45,000
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Regular tax liability
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157,388
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Reference
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Alternative Minimum Tax - 2019
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If AMTI minus the
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exemption amount is:
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The Tax Is:
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Of the
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But Not
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Amount
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Over-
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Over-
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Over-
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$0
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$194,800
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*
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26%
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$0
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194,800
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*
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$50,648
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* +
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28%
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$194,800
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*$97,400 and $25,324 for married taxpayers filing separately.
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2019 Basic
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2019 Phaseout
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AMT exemption and phase-out amounts:
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Exemption |
Threshold
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Unmarried individuals (other than surviving spouses and heads of households)
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$71,700
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$510,300
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Married individuals filing joint returns and surviving spouses
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111,700
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1,020,600
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Married individuals filing separate returns
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55,850
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510,300
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