AMT train wreck coming? (2013, deduction, property tax, money)

[Coldjensens]

Just in case people did not know. Congress did not pass the usual AMT fix this year. If it is not passed in the next two weeks, 30 million people will get a big AMT tax surprise. This is for this past year 2012, not the coming year (2013). You may find you will owe a load of additional money - like $10 K or more. May be wanting to hang on to some of that bonus money until you see if a fix gets passed.

[myrc60]

What is AMT? I've never had to claim it but I don't understand why!

[mathjak107]

its a miserable tax and i get hit with it every so ofton. it usually is a 2 year hit with us whenever we have large capital gains .

the first year we get hit with it on gains we owe so much more in state and local taxes. the 2nd year we get hit again on the deductions for the tax .

[Escort Rider]

I think it stands for "alternative minimum tax". Is that correct? I don't understand the use of unusual acronyms in a public internet forum without explanation. Why do people do this? Coldjensens? Do you imagine that everyone is into the same little arcane things you are?

We all know what the IRS is, and FICA taxes, and certain other acronyms. But the alternative minimum tax (if I am correct about the name) applies only to the rich. It is not something that the average person has to deal with.

[MrRational]

Originally Posted by Coldjensens

Just in case people did not know. Congress did not pass the usual AMT fix this year.

Hopefully that is because they will do more than "the usual AMT fix this year".
It's long overdue

Originally Posted by Escort Rider

But the alternative minimum tax (if I am correct about the name) applies only to the rich.
It is not something that the average person has to deal with.

That is less and less true every year (which is a problem).

If it is not passed in the next two weeks, 30 million people will get a big AMT tax surprise.

As originally conceived... it shouldn't affect much more than about 30Million...
iow the top 10% or so.

[Kramer68]

Originally Posted by Escort Rider

I think it stands for "alternative minimum tax". Is that correct? I don't understand the use of unusual acronyms in a public internet forum without explanation. Why do people do this? Coldjensens? Do you imagine that everyone is into the same little arcane things you are?

We all know what the IRS is, and FICA taxes, and certain other acronyms. But the alternative minimum tax (if I am correct about the name) applies only to the rich. It is not something that the average person has to deal with.

AMT does stand for Alternative Minimum Tax and it does not only apply to the rich. It was set up originally to ensure that wealthy people could not use deductions/exemptions to reduce their taxes too much but now it seems to catch more upper middle class people.

[mathjak107]

if you live in a state with high property tax and high state taxes you can easily get hit with it.

[myrc60]

Originally Posted by Escort Rider

I think it stands for "alternative minimum tax". Is that correct? I don't understand the use of unusual acronyms in a public internet forum without explanation. Why do people do this? Coldjensens? Do you imagine that everyone is into the same little arcane things you are?

We all know what the IRS is, and FICA taxes, and certain other acronyms. But the alternative minimum tax (if I am correct about the name) applies only to the rich. It is not something that the average person has to deal with.

Thanks, all! No wonder; below-average wins again! I'm going to wager I will never have enough money to worry about this tax!

[kutra11]

AMT isn't my biggest concern! Based on the fiscal cliff discussions, my taxes are going up!!

[mathjak107]

Well lets see how high is up if you trip the amt too.