I have income from dividends (mostly qualified), interest, and SS. After deductions and exemptions I have adjusted income of $79,000. The tax software says I have taxes of $886. But I also have an American Op Credit (for my son in college) of $1,886, so I get a refund of $1,000. I like that result, but it seems way too low.
Is the tax on $79,000 really be only $886? I don't hit AMT this year; in the past I have had some pretty big tax bills based on the same income.
I guess a second question might be, is AMT changed? Just wondering why I didn't hit it.
Thanks much.