Married, two children, 90k, 10k in property taxes and mortgage interest, roughly
2007-12-05 11:52:42 · 3 answers · asked by upstatenewyork 1 in Business & Finance ➔ Taxes ➔ United States
Probably not, but it depends on a few more things. If Congress gets moving and acts to limit it again this year, you should be OK, and probably will be OK anyway.
2007-12-05 12:02:28 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
The AMT rules calculate your taxes twice. Once under 1040 rules and once under the AMT rules.
On the 1040, you get your itemized deductions and dependents . On the AMT form you don't get the property taxes or the exemption amount. If you were to normally use the standard deduction and the AMT stays "unpatched" you would owe AMT. ($90,000 minus standard - 4 exemptions is about $9300 in tax; under AMT it would be 11700.)
2007-12-05 18:15:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
NOT yet .
AMT starts about 100K
2007-12-05 12:39:05 · answer #3 · answered by Anonymous · 0⤊ 1⤋