2006-12-08 05:58:44 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Depends on how much money you make. I became subject to it about 5 yeras ago and it was a nasty suprise. I do my taxes with Turbo-Tax and have since about 1990. I Itemize in attempt to keep as much of MY money as I can. In about 2000 or 2001 after I completed my taxes as normal, Turbo-Tax had a pop-up explaining that almost all of my deductions were not allowed because I am subject to AMT..
AMT was put in place during the Nixon administration in order to make sure the "Rich paid their fair share". Every year more and more people have to pay AMT.
2006-12-08 06:09:07 · answer #1 · answered by Biggen 2 · 1⤊ 0⤋
How can anyone possibly answer without more information? The AMT is designed to limit deductions for certain taxpayers to ensure they pay some tax. If you don't itemize deductions, it will never apply. If you have a large AGI but a small taxable income, it probably does. Use the link below to find out for yourself.
2006-12-08 21:39:57 · answer #2 · answered by STEVEN F 7 · 2⤊ 0⤋
Everybody is subject to it. It just depends on if it kicks in or not.
2006-12-08 14:17:29 · answer #3 · answered by Wayne Z 7 · 1⤊ 2⤋