AMT

[caligas]

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Who pays it? Who doesn't?

I usually pay 4-6k.

 

[aneftp]

I have paid it twice in a 11 year period as an attending.

Mainly avoided it by moving to no state income tax state Florida.

If you make more than $150-200k. And have big deductions like personal property taxes and or state income tax reductions. And claim 2 or more kids.

Ur chances of being in the AMT are close to 90%

I have seen people making as little as 90k with 5 kids and high property tax state like New Jersey get hit with AMT.

 

[OB1🤙]

I do, and I hate it with the fire of a thousand suns.

 

[caligas]

I do, and I hate it with the fire of a thousand suns.

Yes, maddening. It's like "you get to pay the government $100,000. Wait... we decided it's $105,000."

 

[PhysicianOnFIRE]

I pay it every year. Closer to 7-8k per year in a high tax state. Not much I can do about it (except retire).

 

[Impromptu]

Charitable deductions are allowed and kept my AMT at only about $100 last year.

 

[deleted162650]

Charitable deductions are allowed and kept my AMT at only about $100 last year.

Hmmm. I'm gonna start calling my CA state taxes "charitable donations" then since it seems like they're pretty much the same thing.

 

[aneftp]

The AMT was a tax for the "super rich" back in 1969. Super rich being defined as making roughly $800k plus in 2016 money.

However it because such a cash cow for the government. They eventually started relying on the revenue generated and incorporated it into the budget.

So for all you slightly upper middle class or have slightly upper middle class friends who are liberals. Becareful who u vote for.

These taxes eventually bite back as inflation kicks in.