I'm worried about getting hit with the Alternative Minimum Tax. I believe the standard deduction for a married couple jointly filing is something like $62,500. As long as my deductions are lower than that, will I be okay? I'm worried about losing my deduction for my property taxes. I won't be able to afford them if I can't deduct them.
2006-12-22 01:10:09 · 4 answers · asked by Brooke22365 4 in Business & Finance ➔ Taxes ➔ United States
The higher your earnings, the more likely it is that nonrecognition of certain deductions will cause you to have to pay AMT.
It's a gross injustice, but so profitable for the Government that it is unlikely to go away.
The Bush Administration has spent prodigally on war and on Medicare Part D and the debt to China and other countries -- the debt service overall -- is such that it will need to take money wherever it can find it.
Get ready for even more shrinkage of the Middle Class. And ever more suffering from AMT.
PS: Short of running your numbers through TurboTax or paying a high-priced accountant, you will never know where you stand with AMT. It's too complicated, too obtuse.
2006-12-22 01:15:22 · answer #1 · answered by Anonymous · 0⤊ 3⤋
Try this free calculator by Turbotax. Click on Tax Estimator.
http://turbotax.intuit.com/tax_help/index.jhtml?source=ttcommain
2006-12-22 10:30:39 · answer #2 · answered by spicertax 5 · 0⤊ 0⤋
I work as a fry cook at Mcdonalds for $4.25 an hour .It was a good year i cleared $5,100 this year , I will be glad to take the standard deduction !!
2006-12-22 09:18:15 · answer #3 · answered by cry baby gator 4 · 0⤊ 1⤋
yes
2006-12-22 09:12:22 · answer #4 · answered by -- 4 · 0⤊ 2⤋