refund or balance due. Since their deductible expenses and credits are limited under AMT, they may end up paying higher of the regular tax or the AMT. We are to help them calculate their tax liabilities this year and make reasonable tax planning strategies for future years. Analyze Regular Tax Alternative Minimum Tax AGI $245,600 AMTI $230,200 Itemized Deduction $53,400 Exemption $61,725 Exemption $15,600 Tentative Minimum Tax $40,614 Taxable Income $176,600 Regular…
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