TaxCut says I don't have any AMT?!

Dec 30, 2008 1 Replies
M

I have $110,000 of income, nearly all of it dividends. I have huge deductions, so 1040 comes up with no tax.



I expected to get caught by AMT, but that comes up zero also. Is that a reasonable result that I should accept, or should I start looking for errors?


========================================= MODERATOR'S COMMENT: What are your deductions? If they are mostly state/local income taxes and property taxes, that tends to drive up AMT. But if they are Schedule C expenses, qualified home mortgage acquiition debt, charitable deductions, those favor lower/low AMT.


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M

You should look at how Form 6251 is being filled out (you may have to tell the software to "force print" it if not automatically included in your return).

What is your filing status? Dependents? Is $110K your AGI, or your taxable income?

It's also quite possible that at this early date, the release of software you have does not fully implement correct AMT calculations, or perhaps you have to answer a question to go further into the AMT portion of the interview. (This was definitely a problem last year, but this year the temporary AMT patch was written into law earlier.)

-Mark Bole

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