Problem:
I want to find Bubba's AMT adjustments related to the itemized deductions as well as find his AMT tax liability for the current year. His info is as follows:
AGI $75,000
Taxable income $50,000
Regular tax liability $8,558
Tax preferences $21,000
Itemized deductions including:
Charitable contributions $7,000
Medical expenses (before AGI floor) $11,000
Mortgage interest on personal residence $12,000
State income taxes $6,000
Real estate taxes $9,000