AMT. (Obj. 4) James M. (SSN XXXXXXXXXXand Tammy S. (SSN XXXXXXXXXXLivingston prepared a joint income...

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AMT. (Obj. 4) James M. (SSN XXXXXXXXXXand Tammy S. (SSN XXXXXXXXXXLivingston prepared a joint income tax return for 2014 and claimed their four children as dependents. Their regular taxable income and tax liability were computed as follows:

Robert · Accepted Answer

Form 6251 Alternative Minimum Tax—Individuals
1)If filing  Schedule A (Form 1040),  enter  the  amount from Form 1040, line 41,  
and go to line 2 =$158050
3 )Taxes from Schedule A (Form 1040), line 9::::::: =$11,225
5 ) Miscellaneous deductions from Schedule A (Form 1040), line 27:::=$2,000
6) If Form 1040, line 38, is $311,300 or less,( for married filing jointly) enter :::::=0
12) Interest from specified private activity bonds exempt  =$25,000
18 )Depreciation on assets placed in service after 1986 
 (difference between regular tax and AMT) =7,000-$5500=$1500
28 ) Alternative  minimum  taxable  income Combine lines 1 through 27=$197,775 
($158050+$11,225+$2,000+$25,000+$1500 =$197,775)
Part II  Alternative Minimum Tax (AMT) 
29) Exemption)  =$74,281.25 
IF your filing status is .

AMT. (Obj. 4) James M. (SSN XXXXXXXXXXand Tammy S. (SSN XXXXXXXXXXLivingston prepared a joint income tax return for 2014 and claimed their four children as dependents. Their regular taxable income and...

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