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 link]. *(Leave no answer blank. Enter zero if applicable.)*b. Her AMTI is $1,085,000.[Input field for "Amount of AMT exemption"] **EXHIBIT 8-5 2021 AMT Exemptions**This table outlines the Alternative Minimum Tax (AMT) exemptions for the year 2021 based on different filing statuses. It details the exemption amounts and the income levels at which these exemptions begin to phase out and are completely phased out.| **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 |**Explanation:**- **Filing Status:** This column lists the categories of taxpayer filing status, including "Married filing jointly," "Married filing separately," and "Head of household and single." - **Exemption:** This column shows the initial AMT exemption amount granted to taxpayers within each filing status.- **Phase-Out Begins at This Level of AMTI:** This column specifies the level of Alternative Minimum Taxable Income (AMTI) at which the AMT exemption begins to decrease.- **Phase-Out Complete for This Level of AMTI:** This column indicates the level of AMTI at which the exemption is fully phased out, meaning taxpayers no longer receive any exemption.

Note: In 2021, the rate applies to excess AMTI=28 percent

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.) b. Her AMTI is $1,085,000. Amount of AMT exemption