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25 September, 02:03

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?

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  1. 25 September, 02:11
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    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
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