Reference no: EM132350640
Question - Create a table for the answer to this problem. Include these categories: AMT; Regular Tax: Adjustment.
Charles had the following itemized deductions in 2014:
State income taxes $3,000
Charitable contributions 4,900
Mortgage interest (personal residence) 14,000
Medical expenses [$8,000-(7.5% x $75,000)] 2,375
Miscellaneous [$3,200-(2% x $75,000)] 1,700
a. What are Charles' itemized deductions for AMT purposes?
b. What is the amount of the AMT adjustment?