Problem 12-24 (LO. 2, 3, 4, 5) Use the following data to calculate Chiara's AMT...
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Problem 12-24 (LO. 2, 3, 4, 5) Use the following data to calculate Chiara's AMT base in 2021: Taxable income $248,000 Positive AMT adjustments 73,000 Negative AMT adjustments 25,000 AMT preferences 30,000 Chiara will file as a single taxpayer and chooses to itemize her deductions. Click here to access the exemption table. Chiara's taxable income $248,000 Plus or minus: Positive adjustments 73,000 Negative adjustments 25,000 Plus: AMT preferences 30,000 Equals: AMTI 326,000 Less: AMT exemption Equals: AMT base Phaseout Status Exemption Begins at Ends at Married, joint Single or head of household Married, separate $114,600 73,600 57,300 $1,047,200 523,600 523,600 $1,505,600 818,000 752,800
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