Hello all! Please help with this question. Thank you! Create a table for the ans

Question

Hello all! Please help with this question. Thank you!  

Create a table for the answer to this problem. Include these categories: AMT; Regular Tax: Adjustment.

Charles had the following itemized deductions in 2014: State income taxes $3,000 Charitable contributions 4,900 Mortgage interest (personal residence) 14,000 Medical expenses [$8,000-(7.5% ×$75,000)] 2,375 Miscellaneous [$3,200-(2%×$75,000)] 1,700

a. What are Charles’ itemized deductions for AMT purposes?

b. What is the amount of the AMT adjustment?

Explanation / Answer

AMT

Regular Tax

Adjustment

State Income Taxes

$0

$3000

Charitable Contributions

0

Mortgage Interest

0

AMT

Regular Tax

Adjustment

State Income Taxes

$0

$3000

3000

Charitable Contributions

4900 4900

0

Mortgage Interest

14000 14000

0

Medical Expenses 0 2375 2375 Miscellaneous 0 1700 1700

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