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AMT Questions for 2012
Posted on 12/27/11 at 10:46 pm
Posted on 12/27/11 at 10:46 pm
It looks like I will get stuck with the dreaded AMT next year (2012 tax year) - definitely landing squarely in the range. I just realized this and am trying to figure out what I can do in the next few days to mitigate the hit (likely not AMT this year). In the past I have not paid AMT and simply file through TurboTax as Married Filing Jointly (2 kids).
A few quick questions:
- What exactly is the AMT "Exemption Amount"? Is this the equivalent of the standard deduction? I noticed that it drops from $74,450 in 2011 to $45,000 in 2012.
- Are deductions for real estate taxes really not allowed? Real estate taxes are high in Texas, so this would suck. I have already paid these in December, so not much else I can do.
- Is HELOC interest deductible?
- Are charitible donations deductible?
- Is TurboTax sufficient for filing?
Some of these questions seem ignorant because they are. I am literally staying up tonight researching this. Thanks for any help.
A few quick questions:
- What exactly is the AMT "Exemption Amount"? Is this the equivalent of the standard deduction? I noticed that it drops from $74,450 in 2011 to $45,000 in 2012.
- Are deductions for real estate taxes really not allowed? Real estate taxes are high in Texas, so this would suck. I have already paid these in December, so not much else I can do.
- Is HELOC interest deductible?
- Are charitible donations deductible?
- Is TurboTax sufficient for filing?
Some of these questions seem ignorant because they are. I am literally staying up tonight researching this. Thanks for any help.
1
Posted on 12/28/11 at 1:20 pm to Bayou Tiger
Yes, the exemption amount is pretty much like the standard deduction for the AMT, the way it works is you take your regular tax taxable income, add back to that the things that are not allowed in AMTland and subtract from that the special things the AMT allows (most of which probably won't apply) then from that number you subtract the exemption amount and calculate your tax rate based on the AMT rates of 26% and 28%, you then compare that tax number to your regular tax, and pay the greater number.
Keep any eye on Congress next year, AMT exemption amount is usually raised as part of and extender package, so $45,000 is the un-inflation indexed amount that they have been fixing every year since like 2005, problem is it reduces revenue for the Feds like crazy, so they have to find a way to pay for it, and it could take till December for our idiots in Congress to get around to it.
An excellent website for information on this is fairmark.com, it has wonderful tutorials on the AMT and message boards for questions.
Keep any eye on Congress next year, AMT exemption amount is usually raised as part of and extender package, so $45,000 is the un-inflation indexed amount that they have been fixing every year since like 2005, problem is it reduces revenue for the Feds like crazy, so they have to find a way to pay for it, and it could take till December for our idiots in Congress to get around to it.
An excellent website for information on this is fairmark.com, it has wonderful tutorials on the AMT and message boards for questions.
Posted on 12/28/11 at 1:35 pm to Dreamweaver
Wow!
Good first or second post!
Good first or second post!
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