When calculating AMTI, individual taxpayers must add back the following:
I.The standard deduction amount.
II.Gambling losses.

A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Question

When calculating AMTI, individual taxpayers must add back the following:
I.The standard deduction amount.
II.Gambling losses.
​
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Quizplus · Accepted Answer

The standard deduction must be added back to calculate the Alternative Minimum Taxable Income (AMTI), but gambling losses are not added back.

When Calculating AMTI, Individual Taxpayers Must Add Back the Following