Pat, who is single with no dependents, received a salary of $90,000. She reports interest income of $1,000, dividend income of $5,000, gambling income of $4,000, and interest income from 2006 private activity bonds of $40,000. The dividends are not qualified dividends. The following additional information is relevant. Compute Pat’s 2012 tentative minimum tax.
|
Medical expenses (before 7.5% of AGI floor) |
$12,000 |
|
State income taxes |
4,100 |
|
Real estate taxes |
2,800 |
|
Mortgage interest on residence |
3,100 |
|
Investment interest expense |
1,800 |
|
Gambling losses |
5,100 |