ulia did decide to proceed on using the special depreciation for the assets purchased in 2022, and she is NOT over age 65, but had health insurance expense of $380 per month for 2022. Complete the return using all of the information included in the previous sections. Julia's total tax liability for 2022 is: $73,895 $73,938 $74,398 $73,909

ulia did decide to proceed on using the special depreciation for the assets purchased in 2022, and she is NOT over age 65, but had health insurance expense of $380 per month for 2022. Complete the return using all of the information included in the previous sections. Julia's total tax liability for 2022 is: $73,895 $73,938 $74,398 $73,909

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 41P

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Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For 2020, Emilys income tax information before taking into account the 2019 NOL is as follows: The 2019 single standard deduction is 12,200; Emilys itemized deductions will exceed the 2020 single standard deduction (after adjustment for Inflation). The medical expense AGI floor is 10% In 2019. How much of the NOL carryforward can Emily use in 2020, and what is her adjusted gross income and her taxable income?
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