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individual_AMT_examples - Required Compute Troy and...

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Topic: Individual AMT Part 1: Married with children. Troy and Katie are married, file a joint return, and have four dependent children. All the children are under age 17. They use the following information to compute taxable income in 2009: Gross income Salary 80,000 Interest income 10,000 Business gross income 130,000 Itemized deductions State and local taxes (9,400) Mortgage interest (12,000) Charitable contributions (3,000) Business deductions 1 (100,000) Note 1 : Includes MACRS deduction of $45,000; only $25,000 would be claimed under ADS using the 150% declining balance method.
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Unformatted text preview: Required : Compute Troy and Katie’s Federal income tax liability including their AMT liability (if any). Part 2: Single. Robin (a single taxpayer) has AGI of $100,000 and the following itemized deductions in 2009: Required : Compute Robin’s AMTI and Federal income tax liability. Charitable contributions 4,000 Medical expenses, not reimbursed by insurance 10,500 Mortgage interest 18,500 Real estate taxes 4,000 State income taxes 6,000 Personal casualty loss, before any imitations 15,000...
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