Reply to AMT -- about how much do you have to make to be subject to it?

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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][quote=Anonymous]OP, if your husband's firm does business in other states to the point where you are going to have filing obligations in multiple states and figure out all the rules that apply to partnership income, then the AMT is the least of your worries.  Maybe it's time to start consulting with a CPA?[/quote]

It's a small firm and they take care of all the tax stuff for the business. I'm pretty sure there are no filing obligations in other states.

RE the whole kids thing, the AMT Assistant on the IRS website does not ask about the number of exemptions you claim when it is evaluating whether you need to fill out form 6251. It does ask about medical/dental, state/local taxes, and unreimbursed job expenses. I guess the deal is just that you lose some of those exemptions if you are otherwise determined to be subject to the AMT. Which I do think is unfair -- children are the most legitimate tax shelter there is! Why didn't they just abolish the damn thing when they had the chance? It's needlessly complex.[/quote]

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