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Reply to "AMT -- about how much do you have to make to be subject to it?"
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[quote=Anonymous]It's not how much money you earn, it's how your AMT preference items stack up against that income. It's possible to be a family of five with a kid in college and hit the AMT with an income of about $50,000. Or at least it was a few years ago. It does seem to hit families who earn between about $200,000 and $500,000 who: -- Have multiple children (the AMT treats children as an illegal tax shelter and disallows exemptions for them) -- A lot of state and local income tax deductions (i.e., if your property tax is high as well as your state income tax). Other common AMT triggers include: -- Mortgage interest on a second loan (but not a primary mortgage) -- Medical -- Exercise of incentive stock options. There are a bunch of others but those are the big ones I know off the top of my head.[/quote]
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