Am I simplifying this too much?

I'm worried about getting hit with the Alternative Minimum Tax. I believe the standard deduction for a married couple jointly filing is something like $62,500. As long as my deductions are lower than that, will I be okay? I'm worried about losing my deduction for my property taxes. I won't be able to afford them if I can't deduct them.

4 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    The higher your earnings, the more likely it is that nonrecognition of certain deductions will cause you to have to pay AMT.

    It's a gross injustice, but so profitable for the Government that it is unlikely to go away.

    The Bush Administration has spent prodigally on war and on Medicare Part D and the debt to China and other countries -- the debt service overall -- is such that it will need to take money wherever it can find it.

    Get ready for even more shrinkage of the Middle Class. And ever more suffering from AMT.

    PS: Short of running your numbers through TurboTax or paying a high-priced accountant, you will never know where you stand with AMT. It's too complicated, too obtuse.

  • 1 decade ago

    Try this free calculator by Turbotax. Click on Tax Estimator.

    http://turbotax.intuit.com/tax_help/index.jhtml?so...

  • 1 decade ago

    I work as a fry cook at Mcdonalds for $4.25 an hour .It was a good year i cleared $5,100 this year , I will be glad to take the standard deduction !!

  • --
    Lv 4
    1 decade ago

    yes

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