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Amt 2010
Old 11-26-2010, 01:01 PM   #1
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Amt 2010

Anyone have any thoughts on whether we are likely to see a last minute patch go thru on AMT for the 2010 tax year?

I know I am hoping so as otherwise we are going to have to pony up a few bucks. I wish they would do a permanent fix on this tax as no way do we have excessively high income and have no deduction besides high State taxes which we lose under AMT.
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Old 11-26-2010, 01:06 PM   #2
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Our income isn't excessively high either - but we've been paying AMT for years. I budget for it now.

I would be astonished if Congress fixed AMT. They don't know to pay the country's bills as it is. (No intention of starting a political rant).

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Old 11-26-2010, 01:13 PM   #3
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Odds are there will be wheeling and dealing to get the patch. Can't go from 4 million paying AMT to about 25 million without serious fallout. But then again, I thought that the estate tax would be fixed before it went to zero this year.
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Old 11-26-2010, 01:16 PM   #4
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I have heard on the news that the AMT will likely be patched again this year (there seems to be broad consensus about it as both parties refuse to increase taxes on the middle class).
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Old 11-26-2010, 01:17 PM   #5
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Quote:
Originally Posted by DangerMouse View Post
Anyone have any thoughts on whether we are likely to see a last minute patch go thru on AMT for the 2010 tax year?

I know I am hoping so as otherwise we are going to have to pony up a few bucks. I wish they would do a permanent fix on this tax as no way do we have excessively high income and have no deduction besides high State taxes which we lose under AMT.
Best SWAG is that the AMT will be used as a bargaining chip by the dems to make the pubs go along with "temporary" instead of "permanent" tax "cuts" on the "wealthy". I could be wrong, of course. I was once.

Ultimately, they always seem to get around to doing the AMT patch, but it's getting pretty close to complete this year. They can still fix it first of next year in some retroactive bill, I think.

Not to get political (Mods feel free to delete) but do you 'spose AMT patches, last-minute fixes and other manipulations are why Congress' poll numbers are lower than dirt?
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Old 11-26-2010, 01:20 PM   #6
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Probably do a one year patch again, I think it will be difficult to get any meangingful legislation done with a split majority Congress.........
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Old 11-26-2010, 01:26 PM   #7
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I think they'll just kick the can down the road again this year and renew last year's can-kicking.
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Old 11-26-2010, 01:35 PM   #8
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What AMT? Heh heh heh...

Ever since my wife quit working and I worked part-time, we have been paying so much less tax than before.
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Old 11-26-2010, 01:52 PM   #9
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I expect they will patch it again. If they do actually make some of the changes recommended by that commission and get rid of a bunch of deductions, and raise the standard deduction substantially they should have no problems getting rid of AMT altogether.
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