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Old 04-15-2005, 02:55 AM   #1
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AMT

Sucks.

Ed
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Re: AMT
Old 04-15-2005, 05:18 AM   #2
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Re: AMT

Ed,

After doing my own taxes for years, I hired out the job the last two years. I raised the AMT issue with the tax preparer and she said that I am far away from the AMT with my milk toast return. However, Kiplinger magazine horror stories get my attention.

What pushed you into the AMT category?

Cheers,

Chris
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Re: AMT
Old 04-15-2005, 05:44 AM   #3
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Re: AMT


AMT bit us because we have income in excess of 200K and a paid for home. So we paid AMT despite taking 0 exemptions. I don't like AMT.
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Re: AMT
Old 04-15-2005, 06:01 AM   #4
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Re: AMT

My income level caused AMT's deduction-limiting provisions to kick in. I read last night that there are an estimated 4 million new AMT-payers this year, and more are expected every year, as COLAs continue to push more and more people above AMT levels.

I could be philosophical and say it's a good problem to have, I guess. Doesn't bring a whole lot of satisfaction, though.

Ed
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Re: AMT
Old 04-15-2005, 06:08 AM   #5
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Re: AMT

AMT kicks in when income > 150K

I agree with you - it sucks.
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Re: AMT
Old 04-15-2005, 09:54 AM   #6
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Re: AMT

Thanks for the info. Did any of you figure the full return both ways - traditional and AMT versions? What was the difference?

Thanks,

Chris
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Re: AMT
Old 04-15-2005, 10:21 AM   #7
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Re: AMT

$953. Wish not filling out the AMT section was an option.

Ed
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