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Reply to "How to save on AMT tax?"
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[quote=Anonymous]OK, I wanted to get free opinion........ On my AMT tax form (6051 form), it said to add my gross income from 1040 line 41 + the state income tax + property tax.....this is crazy. Is it suppose to do subtraction of income/property tax from the income? How to reduce AMT tax overall? We both are w-2s, no other income, only thing could be deducted is mortgage interest and property tax, which only saved a little. We maxed our 401 K. We did refinance by the end of year, could we deduct the county tax and transfer tax from closing cost of HUD 1? I am using Turbo tax, I could use a CRP, but our tax is relatively simple, no investment, no second house, no education saving, not sure if it is worth it over turbotax software. Thanks in advance.[/quote]
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