Delawaredave5
Full time employment: Posting here.
- Joined
- Dec 22, 2004
- Messages
- 699
Was talking to a friend with a high income (I'd guess 200-300K). He was doing takes in Turbotax - entering deductions, etc.
He said a line came up "every additional $1 of deductions saves you $0.08 in taxes" - and then had some comment about AMT.
Could it be that low ?
To what deductions would that apply ? I'm assuming that would apply to all deductions (interest, etc) except chartible contributions.
Really a "different game" under those circumstances - zippo tax benefits for mortgage interest, etc.
He said a line came up "every additional $1 of deductions saves you $0.08 in taxes" - and then had some comment about AMT.
Could it be that low ?
To what deductions would that apply ? I'm assuming that would apply to all deductions (interest, etc) except chartible contributions.
Really a "different game" under those circumstances - zippo tax benefits for mortgage interest, etc.