2006-09-01 04:55:48 · 5 answers · asked by nan 1 in Business & Finance ➔ Taxes ➔ United States
H&R Block has an AMT calculator on their website. The rules for AMT are complicated; you should probably see a tax advisor. Especially if you're being audited.
2006-09-01 05:31:25 · answer #1 · answered by rainfingers 4 · 0⤊ 0⤋
Quite possibly. The IRS should have informed you what they are auditing for. Remember, only answer the questions asked and give only the information they ask. Do not give additional details, it just gives them more places to look.
You'd have to be more specific about your situation to know if it was about AMT. In general, more people that do their tax returns by hand will miss any possible AMT they might owe. It really shouldn't trigger an audit, but a letter assessing the additional tax due.
2006-09-01 08:24:21 · answer #2 · answered by Molly 6 · 0⤊ 0⤋
I doubt the alternative minimum tax would be the issue. You need to have quite a few shelters for AMT to kick in.
2006-09-01 09:37:30 · answer #3 · answered by woodluvto 2 · 0⤊ 1⤋
Go to an accountant who can check the tax return. You probably make too much (over $150K) per year and if you did your own taxes, you did not check the AMT.
2006-09-03 19:35:59 · answer #4 · answered by Steve R 6 · 0⤊ 0⤋
The IRS audit letter should tell you what you need to substantiate. If you sold an asset worth $$$$$, there were
specific forms that were required.
2016-02-13 08:53:40 · answer #5 · answered by JT 2 · 0⤊ 0⤋