Compute pats taxable income

Reference no: EM131627161

Problem - Pat, who is age 66 and single with no dependents, received a salary of $90,000 in 2016. She earned interest income of $1,000, dividend income of $5,000, gambling winnings of $4,000, and interest income from private activity bonds (issued in 2006) of $40,000. The dividends are not qualified dividends. The following additional information is relevant.

Medical expenses (before 7.5%-of-AGI floor)	$12,000
State income taxes	4,100
Real estate taxes	2,800
Mortgage interest on residence	3,100
Investment interest expense	1,800
Gambling losses	5,100

a. Compute Pat's taxable income and AMTI.

b. Determine if Pat's AMT exemption will be limited.

Reference no: EM131627161

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len1627161

9/5/2017 2:02:59 AM

I need this question answered. Please provide format so I know which answers go where. Their answers ARE wrong and I will report. Thanks. Determine if Pat's AMT exemption will be limited. If required, round amounts to the nearest dollar.

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