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Item 11Item 11 In 2018, Wilma (who files as a head of household) reported regular taxable income of $150,000. She itemized her deductions, deducting $10,000 in charitable contributions and $2,000 in state income taxes. What is Wilma’s alternative minimum taxable income?

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Answer:

Taxable income = $152,000

Explanation:

Here,

Regular taxable income = $150,000

State income taxes = $2000

Therefore, the taxable income will be = Regular taxable income + State income

Taxable income = $(150,000 + $2000) = $152,000

The amount Wilma spent on charitable contributions, i. e., $10,000 will not consider as taxable income.

According to federal and state law, a charitable contribution is a deductible amount from a person's taxable income. So, it will not be added to the minimum taxable income.

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