Wallace and Clarice (Both Age 45) Have Combined Salary and Wages

question 61

Essay

Wallace and Clarice (both age 45) have combined salary and wages of $114,900. They each contribute $3,000 to a Roth IRA and take the standard deduction when they file jointly in 2018. If they have a $60,000 preference item and the AMT exemption is $109,400, what is their alternative minimum tax?

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