Given the below scenario am I understanding AMT correctly for 2018?
- Single filer, no deductions other than the $12k standard deduction
- No state income tax
- $100k in W2 salaried income after retirement and HSA contributions deducted from gross income
- $90k in long term capital gains
- Long term capital gains tax calculation: $90,000 x 15% = $13,500
- AMT tax calculation: ($190,000 - $70,300 (AMT single filer deduction) - $19,700 (long term capital gains already taxed)) x 26% = $26,000
- Total tax owed for 2018: $39,500
Is the above correct?