Cliff is married and files a joint return. His return shows AGI of $1,268,000 and a net tax liability of $392,259 on taxable income of $1,224,000. He has $30,000 of preference items and $21,000 of net positive adjustments (including adjustments for itemized deductions). The $109,400 exemption begins to phase out at $1 million. What is his AMTI exemption amount?

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The Answer of Cliff is married and files a joint return. His return shows AGI of $1,268,000 and a net tax liability of $392,259 on taxable income of $1,224,000. He has $30,000 of preference items and $21,000 of net positive adjustments (including adjustments for itemized deductions). The $109,400 exemption begins to phase out at $1 million. What is his AMTI exemption amount?

Cliff Is Married and Files a Joint Return