John - Baseline
Main Worksheet
2000
Filing Status Joint
Personal Exemptions 4
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Ordinary Income 75,000
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Adjusted Gross Income 75,000
Itemized Deductions 21,000
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Taxable Income 42,800
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AMTI Net of Exemption 12,000
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Schedule or Table Tax 6,424
Tentative Minimum Tax 3,120
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Net Federal Tax 6,424
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Total Net Tax Liability 6,424
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John w/500K AMT Preference Income
Main Worksheet
2000 2001 2002 2003 2004
Filing Status Joint Joint Joint Joint Joint
Personal Exemptions 4 4 4 4 4
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Ordinary Income 75,000 75,000 75,000 75,000 75,000
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Adjusted Gross Income 75,000 75,000 75,000 75,000 75,000
Itemized Deductions 21,000 21,000 21,000 21,000 21,000
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Taxable Income 42,800 42,400 42,400 42,400 42,400
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AMTI Net of Exemption 557,000 0 12,000 12,000 12,000
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Schedule or Table Tax 6,424 6,360 6,360 6,360 6,360
Tentative Minimum Tax 152,460 0 3,120 3,120 3,120
Nonrefundable Credits 0 -6,360 -3,240 -3,240 -3,240
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Net Federal Tax 152,460 0 3,120 3,120 3,120
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Total Net Tax Liability 152,460 0 3,120 3,120 3,120
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Alternative Minimum Tax
2000 2001 2002 2003 2004
Taxable Income: 42,800 42,400 42,400 42,400 42,400
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Prefs & Adjustments:
Personal Exemptions 11,200 11,600 11,600 11,600 11,600
Taxes 3,000 3,000 3,000 3,000 3,000
Itemized Deduction Floor 0 0 0 0 0
Private Act Bond Interest 0 0 0 0 0
Section 1202 Exclusion Pref 0 0 0 0 0
Other Deferral Adjs 500,000 -500,000 0 0 0
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Alt Min Taxable Income 557,000 -443,000 57,000 57,000 57,000
Exemption 0 -45,000 -45,000 -45,000 -45,000
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Taxable Excess 557,000 0 12,000 12,000 12,000
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AMT Tax from Schedule 152,460 0 3,120 3,120 3,120
Tentative Minimum Tax 152,460 0 3,120 3,120 3,120
Regular Tax -6,424 -6,360 -6,360 -6,360 -6,360
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Alternative Minimum Tax 146,036 0 0 0 0
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John w/500K AMT Preference Income
Minimum Tax Credit
2000 2001 2002 2003 2004
Taxable Income 42,800 42,400 42,400 42,400 42,400
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Exclusion Preferences & Adjs 14,200 14,600 14,600 14,600 14,600
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Total Exclusion Prefs & Adjs 14,200 14,600 14,600 14,600 14,600
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AMTI W/ Only Exclusion Prefs & Adjs 57,000 57,000 57,000 57,000 57,000
Exemption -45,000 -45,000 -45,000 -45,000 -45,000
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Taxable Excess 12,000 12,000 12,000 12,000 12,000
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AMT Tax from Schedule 3,120 3,120 3,120 3,120 3,120
AMT Alt Cap Gains Tax N/A N/A N/A N/A N/A
Tentative Minimum Tax W/ Only Excl 3,120 3,120 3,120 3,120 3,120
Regular Tax -6,424 -6,360 -6,360 -6,360 -6,360
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Net Min Tax With Only Exclusion Pref 0 0 0 0 0
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Net Minimum Tax 146,036 0 0 0 0
Net Minimum Tax With Only
Exclusion Preferences 0 0 0 0 0
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Credit Generated 146,036 0 0 0 0
Credit From Prior Years 0 146,036 139,676 136,436 133,196
Allowed in Current Year 0 6,360 3,240 3,240 3,240
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Carried to Future Years 146,036 139,676 136,436 133,196 129,956
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