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-   -   AMT (http://www.early-retirement.org/forums/f27/amt-16421.html)

gratefuled 04-15-2005 02:55 AM

AMT
 
Sucks.

Ed

newellcr 04-15-2005 05:18 AM

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

rapoole 04-15-2005 05:44 AM

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.

gratefuled 04-15-2005 06:01 AM

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

Spanky 04-15-2005 06:08 AM

Re: AMT
 
AMT kicks in when income > 150K

I agree with you - it sucks.

newellcr 04-15-2005 09:54 AM

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

gratefuled 04-15-2005 10:21 AM

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

Ed


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