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Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $99,600. They have excess depreciation on real estate of $59,760, which must be added back
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Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $99,600. They have excess depreciation on real estate of $59,760, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $19,920, and they made charitable contributions of $9,960. They have no other itemized deductions. If Otto and Monica's taxable income for the current year is $69,720, determine the amount of their AMTI.

User Eran Abir
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1 Answer

3 votes

Answer: $129480

Step-by-step explanation:

Based on the information given, the amount of their AMTI will be calculated as:

AGI = $99600

Add: Excess Depreciation on Real Estate = $59760

Less: Mortgage Interest Expenses = $19920

Less : Charitable Contribution = $9960

AMTI = $129480

User Barry The Wizard
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