Create a table for the answer to this problem Include these

Create a table for the answer to this problem. Include these categories: AMT; Regular Tax: Adjustment.

Charles had the following itemized deductions in 2014:

State income taxes

$3,000

Charitable contributions

4,900

Mortgage interest (personal residence)

14,000

Medical expenses [$8,000-(7.5% ×$75,000)]

2,375

Miscellaneous [$3,200-(2%×$75,000)]

1,700

What are Charles’ itemized deductions for AMT purposes?

What is the amount of the AMT adjustment?

Itemized deductions for AMT purposes :

a.State Income taxes

b.Charitable contributions

c.Mortgage interest

d.Medical expenses to the extent that the expenses exceed 7.5% of the taxpayer\'s Adjusted Gross Income.

e.Miscellaneous expenses to the extent that the expenses exceed 2% of the taxpayer\'s Adjusted Gross Income.

2.Adjusted Gross Income = 75,000

Less : Itemized deductions = 25975

49025.