Nathan is married two children and has AGI of $405000. He also has the following adjustments...

Nathan is married two children and has AGI of $405000. He also has the following adjustments and preferences:

a itemized deductions:

Medical after floor $5375

, Taxes $34354,

mortgage interest $14900,

contributions $18000

and misc deductions after floor $540.

Depreciation of af rental property purchased in 8/2007 for $210000.

Assets Computer 1 02/12/13 $2900 computer 2 2/12/13 $12000 and incentive stock option

Nathan exercises options to purchase 1000 share at $19 per share when the market value is $26. The regular tax is $79375.

prepare form 6251

Expert Solution

Sorry due to techinal error unable to load correct answer, I will upload correct today. Please wait. Sorry of that.

jeff jeffy answered 1 year ago

Mr. and Mrs. H are married with two dependent children living with them. Their AGI is...

Mr. and Mrs. H are married with two dependent children living with them. Their AGI is $360,000. Assume the taxable year is 2017. Use Appendix 14-A and Appendix 14-B. Using the worksheets, compute the below-the-line deductions that they will report in computing taxable income. a. Assume that itemized deductions total $44,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss). b.Now assume that itemized deductions total $13,000 (none of which were medical expense, investment...

Amount of Insurance Needed. Peter is married and has two children. He wants to be sure...

Amount of Insurance Needed. Peter is married and has two children. He wants to be sure that he has sufficient life insurance to take care of his family if he dies.Peter's wife is a homemaker but attends college part-time pursuing a law degree. It will cost approximately $38,207 for her to finish her education. Since the children areteenagers, Peter feels he will only need to provide the family with income for the next 10 years. He further calculates that the...

Computing AGI Michael and Sabrina are married and have three children, Amara, Bryan, and Skyla. They...

Computing AGI Michael and Sabrina are married and have three children, Amara, Bryan, and Skyla. They live at 120 Main Street, Flushing NY 11425. Michael is a law professor, working at Brooklyn College. Sabrina is currently unemployed. The following is a list of information for Michael and Sabrina Brown for the tax year 2019. Michael wages – 80,000 Interest from Chase savings account – 500 Interest from NYS municipal bonds - 250 Rental income – 25,000 Rental operating expenses –...

Assignment 6 – Computing AGI Michael and Sabrina are married and have three children, Amara, Bryan,...

Assignment 6 – Computing AGI Michael and Sabrina are married and have three children, Amara, Bryan, and Skyla. They live at 120 Main Street, Flushing NY 11425. Michael is a law professor, working at BMCC – CUNY. Sabrina is currently unemployed. The following is a list of information for Michael and Sabrina Brown for the tax year 2019. Michael wages – 80,000 Interest from Chase savings account – 500 Interest from NYS municipal bonds - 250 Rental income – 25,000...

Nathan has $62,000 of AGI (solely from wages) before considering rental activities, has $70,000 of losses...

Nathan has $62,000 of AGI (solely from wages) before considering rental activities, has $70,000 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $33,000 of income. He has other passive activity income of $20,000 A. What amount of rental loss can Nathan use to offset active or portfolio income in the current year? B. Compute Nathan's AGI on the Form 1040 and...

Elijah and Anastasia are married and have two married children and two minor grandchildren. For 2020,...

Elijah and Anastasia are married and have two married children and two minor grandchildren. For 2020, what is the maximum amount they can give to their family (including the sons- and daughters-in-law) without using any of their unified transfer tax credit? $

8) Joe Taxpayer has AGI of $100,000 in 2018 for the following a. He has doctor...

8) Joe Taxpayer has AGI of $100,000 in 2018 for the following a. He has doctor costs of $10,000, hearing aid of $1,000, bayer aspirin of $500, braces of $3,000, and eyeglasses of $1000. What is is deductible medical? b. He has state withholding of $10,000, property taxes of $5,000, DMV of $500. What is his deductible state taxes? c. He purchased a home in 2018, and paid mortgage interest of $30,000. The loan on the home is $1,000,000. He...

JAMES Taxpayer has AGI of $100,000 in 2018 for the following He has doctor costs of...

JAMES Taxpayer has AGI of $100,000 in 2018 for the following He has doctor costs of $10,000, hearing aid of $1,000, bayer aspirin of $500, braces of $3,000, and eyeglasses of $1000. What is is deductible medical? He has state withholding of $10,000, property taxes of $5,000, DMV of $500. What is his deductible state taxes? He purchased a home in 2018, and paid mortgage interest of $30,000. The loan on the home is $1,000,000. He also has credit card debt interest...

Julien and Sarah are married, file a joint return with AGI of $126,000, and have two...

Julien and Sarah are married, file a joint return with AGI of $126,000, and have two dependent children, Kaya and Christopher. Kaya just finished her third year at college and Christopher just finished his first year of graduate school (fifth year of college). Qualified education expenses for 2019 were $4,000 for Kaya and $5,000 for Christopher. Compute the following amounts for Julien and Sarah's education credits for 2019 : a: American Opportunity Credit before any phaseout b: American Opportunity Credit...

Antoine is single and has AGI of $277,000 for 2018. He incurred the following expenses and...

Antoine is single and has AGI of $277,000 for 2018. He incurred the following expenses and losses during the year: Medical expenses before the 7.5%-of-AGI limitation $37,300 State and local income taxes 2,700 State sales tax 2,900 Real estate taxes 13,400 Home mortgage interest 12,800 Credit card interest 815 Charitable contribution 11,700 Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) Unreimbursed employee expenses subject to the 2%-of-AGI limitation 20,600 14,400 If required, round...

Question