50.1K

Verified Solution

Link Copied!

Required information [The following information applies to the questions displayed below] In 2022, Nadia is single and has $124,000 of regular taxable income. She itemizes her deductions as follows. real property taxes of $2,700, state income taxes of $3.200, and mortgage interest expense of $16,000 (acquisition indebtedness of $200,000 ). In addition, she recelves tax-exempt interest of $3,400 from a municipal bond (issued in 2006 ) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she recerved a state tax refund of $900 from the prior year. Note: Amounts to be deducted should be indicoted by o minus sign. 0-1. What is Nadia's AMTI this year if she deducted $18,000 of itemized deductions last year fincluding a total of $4,000 of real property taxes and state income taxes) and did not owe any AMT last year? Required information [The following information applies to the questions displayed below] In 2022. Nadia is single and has $124,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $2,700, state income taxes of $3,200, and mortgage interest expense of $16,000 facquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $3,400 from a municipal bond (issued in 2006 ) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax tefund of $900 from the prior year Note: Amounts to be deducted should be indicoted by o minus sign. b-1. What is Nadia's AMTI this year if she deducted the standard deduction last year and did not owe any AMT last year

Answer & Explanation Solved by verified expert

See Answer