Question

Sylvester files as a single taxpayer during 2019. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,100, real estate taxes of $1,700, state income taxes of $5,500, and mortgage interest of $1,700 on $31,200 of acquisition indebtedness on his home. Sylvester’s regular taxable income is $195,000.

What is Sylvester’s AMTI?

Answer 1

Answer:

A.M.T.I = $202,200

Explanation:

Given:

Taxable income during the year = $195,000

Charitable contributions = $7,100

Real estate taxes = $1,700

State income taxes = $5,500

Mortgage interest =$1,700

Computation of A.M.T.I :

A.M.T.I = Taxable income during the year + Real estate taxes + State income taxes

A.M.T.I = $195,000 + $1,700 + $5,500

A.M.T.I = $202,200

Note: Mortgage interest, Charitable contributions are not include in A.M.T.I