Tax Help

[lizbud]

Can anyone give me a simple explanation of the Alternative Minimum Tax???

I hate tax time. Thanks.

[Catty1]

When you do figure that out, use a tip I got from a stress reduction list:

"Fill out your tax form using Roman numerals."

[lizbud]

LOL That'll show em.

[Catty1]

From Wikipedia:

Alternative Minimum Tax (AMT) is part of the Federal income tax system of the United States. There is an AMT for those who owe personal income tax, and another for corporations owing corporate income tax. Only the AMT for those owing personal income tax is described here.

Link: http://en.wikipedia.org/wiki/Alternative_Minimum_Tax

Hope that helps...they are usually pretty clear on things.

[Cinder & Smoke]

From Wikipedia:
Link: http://en.wikipedia.org/wiki/Alternative_Minimum_Tax

... they are usually pretty clear on things.

"Usually" doesn't apply here ...
This Alternative Minimum Tax article is about as clear as MUDD.

Check with the 'Senior Citizens' groups in the area - MANY of them
offer FREE tax prep help with trained volunteers who are familiar with the
tax codes and seniors' issues.

[Puckstop31]

IIRC, the AMT really only applies to uber wealthy people.

So, if it does apply to you... Can I be your best friend? There is this farm I want to buy....


LOL

[smokey the elder]

That is most emphatically NOT true. Because it was never indexed to inflation, Congress keeps having to put "patches" on it so it doesn't catch dual income earners with many Federal deductions.