Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8-5. (Leave no answer blank. Enter zero if applicable.) r AMTI is $1,612,500.
Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8-5. (Leave no answer blank. Enter zero if applicable.) r AMTI is $1,612,500.
Chapter3: Computing The Tax
Section: Chapter Questions
Problem 31P
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Transcribed Image Text:Olga is married and files a joint tax return with her husband.
What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8-5.
(Leave no answer blank. Enter zero if applicable.)
c. Her AMTI is $1,612,500.
Amount of AMT exemption
Transcribed Image Text:EXHIBIT 8-5 2021 AMT Exemptions
Phase-Out Complete
Phase-Out Begins at
Filing Status
Exemption
for This Level of
This Level of AMTI
AMTI
Married filing jointly
$114,600
$1,047,200
$1,505,600
Married filing separately
57,300
523,600
752,800
Head of household and single
73,600
523,600
818,000
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