Mitch,who is single and age 66 and has no dependents,had AGI of $100,000 in 2015.His potential itemized deductions were as follows: Medical expenses (before percentage limitation) $15,000 State income taxes 3,000 Real estate taxes 7,000 Mortgage (qualified housing and residence) interest 9,000 Cash contributions to various charities 4,000 Unreimbursed employee expenses (before percentage limitation) 4,300 What is the amount of Mitch's AMT adjustment for itemized deductions for 2015?
A)$14,800
B)$16,800
C)$19,300
D)$25,800
E)None of the above

Question

Mitch,who is single and age 66 and has no dependents,had AGI of $100,000 in 2015.His potential itemized deductions were as follows: ​ Medical expenses (before percentage limitation) $15,000 State income taxes 3,000 Real estate taxes 7,000 Mortgage (qualified housing and residence) interest 9,000 Cash contributions to various charities 4,000 Unreimbursed employee expenses (before percentage limitation) 4,300 ​ What is the amount of Mitch's AMT adjustment for itemized deductions for 2015?
A)$14,800
B)$16,800
C)$19,300
D)$25,800
E)None of the above

Quizplus · Accepted Answer

Mitch's AMT adjustment for itemized deductions is $14,800. This is calculated by taking the total of his itemized deductions ($15,000 + $3,000 + $7,000 + $9,000 + $4,000 + $4,300 = $42,300) and subtracting the AMT standard deduction for his filing status ($27,500).

Mitch,who Is Single and Age 66 and Has No Dependents,had