How much money do you make continued....and do you pay the AMT?

[Anonymous]

Anonymous wrote:who is resurrecting all of these old threads????? question is from 2010........geez

It is coming up to tax time. The AMT will be bleeding many dry.

[Anonymous]

AMT is a mystery to me after reading all of your posts.

My HHI is just at 300K and I'm the poster wtih the 4k mortgage, we only had to pay 2K in AMT. Maybe it is because of our mortgage deduction?

Personally, I'm a huge fan of eliminating all deductions, except allowing FULL deduction for ALL healthcare expenses and retirement saving of ANY sort (employer based or personal savings) and applying a flat tax on the entire country, every last working person, for every penny of income that comes in the door, including all types of investments, including retirement draws.

[Anonymous]

What irks me about the AMT is that it hits people in states w/ high property taxes disproportionately, because it takes away that deduction. If we lived in say, Florida, we'd pay less in overall taxes because we wouldn't pay the state tax. If there was no AMT, we could deduct our state taxes.

Like another PP, I'm not against paying my taxes in the abstract. I appreciate we all need to do our share, and obviously our share should be higher than most others. But it's still irksome that it's hitting people it was never supposed to hit, and hitting people disproportionately.

[Anonymous]

High tax area and more deductions = AMT

We make 300k, have 4 kids and live in DC -- all triggers. We pay AMT every.freaking.year.

[Anonymous]

The AMT is anti-family. It treats children like they are a tax shelter and disallows deductions for them.

I like the Obama administration's idea of replacing the AMT with the Buffett Rule. The AMT originally was designed for millionaires (in today's dollars) anyway. The only reason it snags so many people just barely cracking six figures these days is due to inflation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:who is resurrecting all of these old threads????? question is from 2010........geez

It is coming up to tax time. The AMT will be bleeding many dry.

Bleeding dry?! Really?! Have you no concept of reality?! Geez, life with so much money is so difficult. Paying accountants' fees, figuring out how to pay the least amount of taxes, cheating the system... must be exhausting! Thank goodness you can afford to take a nice vacation this summer.

[Anonymous]

Anonymous wrote:It is ludicrous that Capitol Hill has gotten away without indexing the AMT to inflation. It was meant to hit the top .05% and instead, it reaches 30-40% of households now.

It does not reach 30-40% of households. Not even close. Maybe 30-40% of the people you talk to, but most households don't even itemize let alone pay the AMT.

[Anonymous]

350 k and yes it blows.