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Amt
- Thread starter PharmDstudent
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This what an accountant is for. I'm pretty sure you have to do the calculation. They keep fixing it each your or I would have been ensnared a long time ago.
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Single, no house (no mortgage interest deduction) >_>;
Yes, I have AMT income of $236K last year... (line 28) and paid AMT of $3465 (line 35). Of course aside from maxing 401k $16500, I had like 0 deduction last year... and realized a huge gain from selling some stocks.
It's easy to do if you have turbo tax. I used turbo tax premier for 2 years now to import .txf file (buy and sell) from Scottrade and Interactive broker.
If you receive any K-1 Forms (normally sent around March 15), I'd hire an accountant ~$500 bucks, for me they are a pain in the butt and easy to make mistakes. Other than that, everything is straight forward...
Yes, I have AMT income of $236K last year... (line 28) and paid AMT of $3465 (line 35). Of course aside from maxing 401k $16500, I had like 0 deduction last year... and realized a huge gain from selling some stocks.
It's easy to do if you have turbo tax. I used turbo tax premier for 2 years now to import .txf file (buy and sell) from Scottrade and Interactive broker.
If you receive any K-1 Forms (normally sent around March 15), I'd hire an accountant ~$500 bucks, for me they are a pain in the butt and easy to make mistakes. Other than that, everything is straight forward...
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Hot damn! ...and I thought my $170K was a lot.
I'd prefer not to use something like Turbo Tax. After some initial number crunching, it appears to have overestimated my refund by $2,500 dollars.
I don't have any investment income to speak of, just your standard W-2s, so I'm thinking it's a waste of time to fill out the AMT form. I was already taxed at the 28% rate, so the capital gains rate doesn't apply, and my deductions are decent but no great.
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Hot damn! ...and I thought my $170K was a lot.
I'd prefer not to use something like Turbo Tax. After some initial number crunching, it appears to have overestimated my refund by $2,500 dollars.
I don't have any investment income to speak of, just your standard W-2s, so I'm thinking it's a waste of time to fill out the AMT form. I was already taxed at the 28% rate, so the capital gains rate doesn't apply, and my deductions are decent but no great.
Turbotax is sweet. I recommend. +1 on your OT.
😱 how much do you work and what do you spend it all on?!?!
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The more deductions you have, the more likely it will trigger AMT. I only had W-2 in 2009, around 180k gross, I had $3000 carry over loss, but huge state tax deduction $15k (schedule A), this state deduction is disallowed under AMT calculation. It triggered AMT like ~$200 or so... might crunch the number to make sure you don't have to file it...
Things that normally trigger AMT when using itemized deduction Schedule A are: huge state tax deduction, MISC deduction (e.g. unreimbursed job expenses), claiming high #personal exemption. All of these are disallowed, and if you have many of these, you are likely subject to AMT. Read more: http://www.salary.com/talking-taxes-the-alternative-minimum-tax/
More time than I want. I am saving for my medium term goal of $1M before 35 yo lol...how much do you work and what do you spend it all on?!?!