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4 May, 21:47

Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2018: Medical expenses [$15,000 - (7.5% x $125,000) ] $5,625 State income taxes 4,200 Charitable contributions 5,000 Home mortgage interest on his personal residence 6,000 $20,825 a. Calculate Wolfgang's itemized deductions for AMT purposes. If an amount is zero, enter "0". Medical expenses $ State income taxes Charitable contributions Home mortgage interest on his personal residence Total $ b. What is the total amount of his AMT adjustments from these items? There is a adjustment of $.

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  1. 4 May, 22:35
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    There is a positive adjustment of $5,200

    Explanation:

    Medical expenses

    $2,500

    State income taxes

    $0

    Charitable contributions

    $5,000

    Qualified housing interest

    $6,000

    Casualty loss

    $1,800

    Miscellaneous itemized deductions

    $0

    Total

    $15,300

    There is a positive adjustment of $5,200
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