[FredyFluke]

Just wondering how many out there also get hit with this?

I just came from my tax accountant, and boy am I pissed today.

Alternative Minimum Tax...if you don't have to pay it, you just don't understand.

This post edited by FredyFluke 09:25 PM 03/16/2008

 

[Scott1280]

Missed me this year. We'll have to see what happens after the elections. The Democratic Congress identifies it a a "big problem", but only "fixed it" for ONE more year! I think they want to see what they can do with it next year, after the elections.

 

[crabman1130]

I don't pay taxes.

 

[jpd]

It's not indexed for inflation, catches more and more people every year.

Historically, both the original minimum tax and the individual alternative minimum tax (AMT) that replaced it applied to only a small minority of high-income households. But under current law, this "class tax" will soon be a "mass tax." Current projections show the number of AMT taxpayers skyrocketing from 1 million in 1999 to 36 million in 2010. Without reform, virtually all upper-middle-class families with two or more children will be paying the AMT by decade's end. This expansion will occur because the AMT is not indexed for inflation and because the 2001 tax cut reduced the regular income tax without making long-term cuts to the AMT.

 

[FredyFluke]

no way they they change it...it adds something like 500 billion to the governments yearly income. They would never be able to replace all the money generated under AMT and lord knows they will not be able to do without it.

Even though 90% of the tax loopholes the AMT was created to catch are now gone, they got used to having all the cash. Once they get used to having cash no way they give it back.

Will have to see what happens when "middle class" tax payers start getting hit with it.

See how fast Hillary comes out yakking about it. Then we can ask her where she stood on it when Bill was in the Oval office.

 

[MakoMike]

You don't get it, we are all "rich" by countrywide standards, so we deserve to pay more in taxes. If the dempcrats are elected there is no way they are going to give a tax break to the "rich" and eliminate the AMT.

 

[Gaucho]

Oh snap I'm rich too?
Man it doesnt feel so good to be rich
Wish I was richer

 

[Musella]

I got caught with it - so I guess I'm rich!

Then why do I have one of the smallest boats in my marina

What annoys me most is that all year you make decisions to lower the end of the year tax burden - then when you get caught in the AMT - none of that matters anymore and I just wasted all of that time.

 

[619990]

I'll be writing a check for 16 big ones...

 

[jpd]

Andre4494 wrote:
I'll be writing a check for 16 big ones...

Man, if you're not paying penalties in that I'd hate to see what your withholdings were!

 

[FredyFluke]

jpd wrote:
Andre4494 wrote:
I'll be writing a check for 16 big ones...

Man, if you're not paying penalties in that I'd hate to see what your withholdings were!

ditto...

I "only" had to write one for $5.1K....

I need a good tax guy that can tell me how to avoid it.

 

[MakoMike]

FredyFluke wrote:
jpd wrote:
Andre4494 wrote:
I'll be writing a check for 16 big ones...

Man, if you're not paying penalties in that I'd hate to see what your withholdings were!

ditto...

I "only" had to write one for $5.1K....

I need a good tax guy that can tell me how to avoid it.

Easy, either have more withheld or make estimated tax payments.

 

[619990]

As a dual income family, we'll both need to claim single zero plus...
Classic case of "you can pay me now or you can pay me later". It almost makes you feel guilty for being somewhat successful...

 

[reelfisher]

Joe unless they changes the rules you need to be 100% withheld for the prior year or 90% of the current year.

Musella you can factor AMT into your tax planning decisions during the year though of course I agree that AMT stil bites the big one. I havent completed my taxes yet this year but I anticipate that I will be paying AMT

 

[FredyFluke]

Andre4494 wrote:
As a dual income family, we'll both need to claim single zero plus...
Classic case of "you can pay me now or you can pay me later". It almost makes you feel guilty for being somewhat successful...


almost guilty? no.

I'd drop "somewhat" and substitute the following words

definity for almost
and screwed for guilty.