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William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2020 was $87,000 and his regular tax was $14,966. His AMT adjustments totaled $125,000. Required: What is William's AMT for 2020? William's AMT for 2020 S 21,200

William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2020 was $87,000 and his regular tax was $14,966. His AMT adjustments totaled $125,000. Required: What is William's AMT for 2020? William's AMT for 2020 S 21,200

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter10: Individuals: Income, Deductions, And Credits
Section: Chapter Questions
Problem 22P
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William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2020 was $87,000 and his regular tax was $14,966. His AMT adjustments totaled $125,000. Required: What is William's AMT for 2020? William's AMT for 2020 Jackson invested $190,000 in a passive activity five years ago. On January 1, 2018, his at-risk amount in the activity was $45,000. His share of the income and losses in the activity were $52,000 loss in 2018, $20,000 loss in 2019, and $80,000 gain in 2020. Required: a. How much can Jackson deduct in 2018 and 2019? b. What is his taxable income from the activity in 2020? Keep in mind the at-risk rules as well as the passive loss rules. Required A Required B Complete this question by entering your answers in the tabs below. Deduction S How much can Jackson deduct in 2018 and 2019? (Leave no cells blank be certain to enter "0" wherever required.) 21,200 $ 2018 Required A Jackson invested $190,000 in a passive activity five years ago. On January 1, 2018, his at-risk amount in the activity was $45,000. His share of the income and losses in the activity were $52,000 loss in 2018, $20,000 loss in 2019, and $80,000 gain in 2020. 2019 $ 73,000 Required: a. How much can Jackson deduct in 2018 and 2019? b. What is his taxable income from the activity in 2020? Keep in mind the at-risk rules as well as the passive loss rules. Required B Complete this question by entering your answers in the tabs below. What is his taxable income from the activity in 2020? Keep in mind the at-risk rules as well as the passive loss rules. Income $ 73,000 X
Transcribed Image Text:William is not married, nor does he have any dependents. He does not itemize deductions. His taxable income for 2020 was $87,000 and his regular tax was $14,966. His AMT adjustments totaled $125,000. Required: What is William's AMT for 2020? William's AMT for 2020 Jackson invested $190,000 in a passive activity five years ago. On January 1, 2018, his at-risk amount in the activity was $45,000. His share of the income and losses in the activity were $52,000 loss in 2018, $20,000 loss in 2019, and $80,000 gain in 2020. Required: a. How much can Jackson deduct in 2018 and 2019? b. What is his taxable income from the activity in 2020? Keep in mind the at-risk rules as well as the passive loss rules. Required A Required B Complete this question by entering your answers in the tabs below. Deduction S How much can Jackson deduct in 2018 and 2019? (Leave no cells blank be certain to enter "0" wherever required.) 21,200 $ 2018 Required A Jackson invested $190,000 in a passive activity five years ago. On January 1, 2018, his at-risk amount in the activity was $45,000. His share of the income and losses in the activity were $52,000 loss in 2018, $20,000 loss in 2019, and $80,000 gain in 2020. 2019 $ 73,000 Required: a. How much can Jackson deduct in 2018 and 2019? b. What is his taxable income from the activity in 2020? Keep in mind the at-risk rules as well as the passive loss rules. Required B Complete this question by entering your answers in the tabs below. What is his taxable income from the activity in 2020? Keep in mind the at-risk rules as well as the passive loss rules. Income $ 73,000 X
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