Olga is married and files a joint tax return with her husband.What amount of AMT exemption may she deduct under each of the following alternative circumstances? [Exhibit 8-5] (Leave no answer blank. Enter zero if applicable.)c. Her AMTI is $1,612,500.There is a blue box labeled "Amount of AMT exemption" which is intended for input. **Exhibit 8-5: 2021 Alternative Minimum Tax (AMT) Exemptions**This table describes the AMT exemptions for different filing statuses in 2021, detailing the exemption amount, phase-out beginning AMTI, and phase-out completion AMTI.| Filing Status | Exemption | Phase-Out Begins at This Level of AMTI | Phase-Out Complete for This Level of AMTI ||------------------------------------|-----------|----------------------------------------|------------------------------------------|| Married filing jointly | $114,600 | $1,047,200 | $1,505,600 || Married filing separately | $57,300 | $523,600 | $752,800 || Head of household and single | $73,600 | $523,600 | $818,000 |- **Exemption**: The amount that can be deducted to potentially lower taxable income.- **Phase-Out Begins at This Level of AMTI**: The level of Alternative Minimum Taxable Income (AMTI) at which the exemption starts to decrease.- **Phase-Out Complete for This Level of AMTI**: The level of AMTI at which the exemption is fully phased out and no longer applies.

Since Olga is married and files Joint Return, the appropriate exemption would be $114,600. However,…

Answered: Olga is married and files a joint tax…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8-5. (Leave no answer blank. Enter zero if applicable.) r AMTI is $1,612,500.