AMT

[gratefuled]

Sucks.

Ed

 

[newellcr]

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]

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]

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]

AMT kicks in when income > 150K

I agree with you - it sucks.

 

[newellcr]

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]

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

Ed