Cliff is married and files a joint return. His return shows AGI of $268,000 and a net tax liability of $49,772 on taxable income of $224,000. He has $30,000 of preference items and $21,000 of net positive adjustments (including adjustments for itemized deductions and exemptions). What is his AMTI exemption amount?

Question

Quizplus · Accepted Answer

$224,000 + $30,000 + $21,000 = $275,000; [($275,000 - $160,900) x .25] = $28,525. $84,500 - $28,525 = $55,975.

Cliff Is Married and Files a Joint Return