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Money and Finances
Reply to "Alternative Minimum Tax"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I triggered AMT this year according to turbotax but i dont know how. We dont seem exceptional in any particular way. We make $224K a year. Our mortgage interest is a $14K. We have 2 kids. Our personal exemptions are $15K. Our property tax is $6K. Our state and local tax is $14K. Total deductions are $51K on $224K of income. [/quote] This was our situation almost exactly, last year. Then I wanted to find out what I could change that eliminate the AMT. One at a time I reduced the mortgage interest, charitable contributions, property tax etc. and every time we still came up owing the AMT. I haven't done our taxes yet this year but I know we will pay AMT again. For what it's worth, I no longer bother keeping track of every charitable deduction. It doesn't seem to matter.[/quote] Actually, charitable gifts are one of the few deductions that are still available when paying AMT. I'd start tracking them again if I were you.[/quote]
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