two individual AMT tax questions

$11.00

Description

1) In 2013, Deon and NeNe are married filing jointly. They have three dependent children under 18
years of age. The couple’s AGI is $800,000 and their taxable income is $680,000. They itemize
their deductions as follows: real property taxes of $10,000, state income taxes of $40,000,
miscellaneous itemized deductions of $4,000 (subject to but in excess of 2 percent AGI floor),
charitable contributions of $6,000, and mortgage interest expense of $41,000 ($11,000 of which
is attributable to a home-equity loan used to buy a new car).

What is Deon & NeNe’s AMT? __________
2) In 2013, Janet and Ray are married filing jointly. They have five dependent children under 18
years of age. The couple’s AGI is $180,000 and their taxable income is $140,000. They itemize
their deductions as follows: real property taxes of $5,000, state income taxes of $9,000, and
mortgage interest expense of $15,000 (not a home-equity loan). (Use 2013 AMT exemption
amounts).

What is Janet & Ray’s AMT (round to two decimal places) __________

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