-
The --------------------------------- is applied only if the tentative minimum tax exceeds the taxpayer’s regular tax liability.
The alternative minimum tax (AMT) is applied only if the tentative minimum tax exceeds the taxpayer’s regular tax liability.
-
The alternative minimum tax (AMT) is applied only if the ----------------------------- exceeds the taxpayer’s regular tax liability.
The alternative minimum tax (AMT) is applied only if the tentative minimum tax exceeds the taxpayer’s regular tax liability.
-
The alternative minimum tax (AMT) is applied only if the tentative minimum tax exceeds the taxpayer’s---------------------------------------
The alternative minimum tax (AMT) is applied only if the tentative minimum tax exceeds the taxpayer’s regular tax liability.
-
Individuals use Form -------- to calculate AMT.
Individuals use Form 6251 to calculate AMT.
-
Individuals use Form 6251 to calculate --------.
Individuals use Form 6251 to calculate AMT.
-
Only certain itemized deductions are allowed in calculating the AMT. The following are not allowed and must be added back for AMT if deducted for regular tax:
------------------------------------------
-------------------------------------
Only certain itemized deductions are allowed in calculating the AMT. The following are not allowed and must be added back for AMT if deducted for regular tax:
State, local, and foreign income taxes
Real and personal property taxes
-
Alternative Minimum taxable income formula
--------------------------
+Tax preferences
+ Standard deduction if taxpayer does not itemize
+/- certain other adjustments
= Alternative minimum taxable income
Alternative Minimum taxable income formula
Taxable income
+Tax preferences
+ Standard deduction if taxpayer does not itemize
+/- certain other adjustments
= Alternative minimum taxable income
-
Alternative Minimum taxable income formula
Taxable income
------------------------------
+ Standard deduction if taxpayer does not itemize
+/- certain other adjustments
= Alternative minimum taxable income
Alternative Minimum taxable income formula
Taxable income
+Tax preferences
+ Standard deduction if taxpayer does not itemize
+/- certain other adjustments
= Alternative minimum taxable income
-
Alternative Minimum taxable income formula
Taxable income
+Tax preferences
--------------------------------------------------------
+/- certain other adjustments
= Alternative minimum taxable income
Alternative Minimum taxable income formula
Taxable income
+Tax preferences
+ Standard deduction if taxpayer does not itemize
+/- certain other adjustments
= Alternative minimum taxable income
-
Alternative Minimum taxable income formula
Taxable income
+Tax preferences
+ Standard deduction if taxpayer does not itemize
------------------------------------------
= Alternative minimum taxable income
Alternative Minimum taxable income formula
Taxable income
+Tax preferences
+ Standard deduction if taxpayer does not itemize
+/- certain other adjustments
= Alternative minimum taxable income
-
Alternative minimum tax formula
Alternative minimum taxable income
---------------------------------
= Alternative minimum tax base
X rate
- regular income tax
= Alternative minimum tax
Alternative minimum tax formula
Alternative minimum taxable income
- exception amount
= Alternative minimum tax base
X rate
- regular income tax
= Alternative minimum tax
-
Alternative minimum tax formula
Alternative minimum taxable income
-exception amount
= ---------------------------------------
X rate
- regular income tax
= Alternative minimum tax
Alternative minimum tax formula
Alternative minimum taxable income
-exception amount
= Alternative minimum tax base
X rate
- regular income tax
= Alternative minimum tax
-
Alternative minimum tax formula
Alternative minimum taxable income
-exception amount
= Alternative minimum tax base
X rate
-------------------------------------
= Alternative minimum tax
Alternative minimum tax formula
Alternative minimum taxable income
-exception amount
= Alternative minimum tax base
X rate
- regular income tax
= Alternative minimum tax
-
Alternative minimum tax formula
Alternative minimum taxable income
-exception amount
= Alternative minimum tax base
X rate
- regular income tax
= ---------------------------------------
Alternative minimum tax formula
Alternative minimum taxable income
-exception amount
= Alternative minimum tax base
X rate
- regular income tax
= Alternative minimum tax
-
What are the exemption amounts for the AMT calculation for the following:
Married filing jointly ----------
Single ----------
Married filing separately ------------
What are the exemption amounts for the AMT calculation for the following:
Married filing jointly $113,400
Single $72,900
Married filing separately $56,700
-
What are the exemption amounts for the AMT calculation for the following:
Married filing jointly --------------
Single -------
Married filing separately ------------
What are the exemption amounts for the AMT calculation for the following:
Married filing jointly $113,400
Single $72,900
Married filing separately $56,700
-
What are the 25% phaseout amounts for excess over the amounts for the AMT calculation for the following:
Married filing jointly -------------
Single ------------
Married filing separately ---------------
What are the 25% phaseout amounts for excess over the amounts for the AMT calculation for the following:
Married filing jointly $ 1,036,800
Single $ 518,400
Married filing separately $ 518,400
-
What are the alternative minimum tax base(s) for the AMT calculation for the following:
First $197,900 ($98,950 MFS) ----
Excess ------
What are the alternative minimum tax base(s) for the AMT calculation for the following:
First $197,900 ($98,950 MFS) 26%
Excess 28%
-
Tax preference items
Always have a positive adjustment to the taxable income.
Examples of tax preference items
----------------------------------
----------------------
-----------------------------
----------------------------------
Tax preference items
Always have a positive adjustment to the taxable income.
Examples of tax preference items
-
- Tax-exempt interest on private activity bonds
- Excess depletion
- Intangible drilling costs
- Small business stock exclusion
-
The AMT credit can be carried forward -------------------.
The AMT credit can be carried forward indefinitely.
-
AMT preferences are items that are allowed relatively favorable treatment in determining r---------------------------------. These preferences are added back to taxable income (TI) to arrive at the alternative minimum taxable income (AMTI).
AMT preferences are items that are allowed relatively favorable treatment in determining regular taxable income. These preferences are added back to taxable income (TI) to arrive at the alternative minimum taxable income (AMTI).
-
AMT preferences are items that are allowed relatively favorable treatment in determining regular taxable income. These preferences are--------------------------------------------- to arrive at the alternative minimum taxable income (AMTI).
AMT preferences are items that are allowed relatively favorable treatment in determining regular taxable income. These preferences are added back to taxable income (TI) to arrive at the alternative minimum taxable income (AMTI).
-
AMT preferences are items that are allowed relatively favorable treatment in determining regular taxable income. These preferences are added back to taxable income (TI) to arrive at the ----------------------------------------------------.
AMT preferences are items that are allowed relatively favorable treatment in determining regular taxable income. These preferences are added back to taxable income (TI) to arrive at the alternative minimum taxable income (AMTI).
-
West is single, has no dependents, and does not itemize. Which of the following are Wests AMT tax Preference items?
Long-term capital gain
or
Percentage depletion in excess of property’s adjusted basis
or
Dividends from publicly-held companies
-
- Percentage depletion in excess of property’s adjusted basis
-
Individuals are entitled to claim itemized deductions in calculating AMT with certain adjustments. The following itemized deductions are not allowed:
------------------------------------- and
-------------------------------------------
Individuals are entitled to claim itemized deductions in calculating AMT with certain adjustments. The following itemized deductions are not allowed:
State, local, and foreign income taxes, and
Real and personal property taxes.
-
Which of the following can be itemized deductions for alternative minimum tax?
-Medical expenses ( before percentage limitations)
-State income taxes
-Real estate taxes
-Qualified housing and residence mortgage interest
-Home equity mortgage interest (used to consolidate personal debts)
-Charitable contributions (cash)
Qualified housing and residence mortgage interest
Home equity mortgage interest (used to consolidate personal debts)
Charitable contributions (cash)
-
Standard deductions are ----------------- to taxable income when calculating the Alternative Minimum Tax.
Standard deductions are added back to taxable income when calculating the Alternative Minimum Tax.
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