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wolfgang rsquo s agi is 125 000 he reports the following itemized deductions for 201 699026

Wolfgang’s AGI is $125,000. He reports the following itemized deductions for 2012.

Medical expenses [$15,000 − (7.5% × $125,000)]

$ 5,625

State income taxes

4,200

Charitable contributions

4,000

Home mortgage interest on his personal residence

8,000

Casualty loss (after $100 and 10% reductions)

1,800

Miscellaneous itemized deductions

 

[$3,500 − (2% × $125,000)]

1,000

 

$24,625

a. Calculate Wolfgang’s itemized deductions for AMT purposes.

b. What is the amount of the AMT adjustment?

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