In 2022, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,114,000, and they itemize their deductions as follows: real property taxes of $17,500, charitable contributions of $26,950, and mortgage interest expense of $46,600 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. a. What is Deon and NeNe's AMT?
In 2022, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income (all ordinary) is $1,114,000, and they itemize their deductions as follows: real property taxes of $17,500, charitable contributions of $26,950, and mortgage interest expense of $46,600 ($700,000 acquisition debt for home). Use Exhibit 8-5 and Tax Rate Schedule for reference. a. What is Deon and NeNe's AMT?
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 24CE
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Subject -acounting
Transcribed Image Text:In 2022, Deon and NeNe are married filing jointly. Deon and NeNe's taxable income
(all ordinary) is $1,114,000, and they itemize their deductions as follows: real property
taxes of $17,500, charitable contributions of $26,950, and mortgage interest expense
of $46,600 ($700,000 acquisition debt for home). Use Exhibit 8-5 and
Tax Rate Schedule for reference.
a. What is Deon and NeNe's AMT?
Deon and NeNe's AMT
$
0
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