Dan and Maureen file a joint income tax return for 2016. They have two dependent children, ages 7 and 9. Together they earn wages of $152,000. They also receive taxable interest income of $8,000 and interest on City of Los Angeles bonds of $12,000. During 2016, they received a state income tax refund of $3,000 relating to their 2015 state income tax return on which they itemized deductions. Their expenses for the year consist of the following:
Calculate Dan and Maureen's tentative minimum tax liability assuming an AMT exemption amount of $83,800, before any phase-outs. Show your calculations.

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The Answer of Dan and Maureen file a joint income tax return for 2016. They have two dependent children, ages 7 and 9. Together they earn wages of $152,000. They also receive taxable interest income of $8,000 and interest on City of Los Angeles bonds of $12,000. During 2016, they received a state income tax refund of $3,000 relating to their 2015 state income tax return on which they itemized deductions. Their expenses for the year consist of the following:
Calculate Dan and Maureen's tentative minimum tax liability assuming an AMT exemption amount of $83,800, before any phase-outs. Show your calculations.

Dan and Maureen File a Joint Income Tax Return for 2016