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FDP Forum / Moe's Tavern (_8^(I) / Can anyone explain the AMT?

K4
Contributing Member
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Being defenseless

does not make you more safe
Nov 9th, 2017 06:31 PM   Edit   Profile   Print Topic   Search Topic

My BIL gets hit with this and I find it hard to believe what he is telling me. If true it is a total rip off to the people it hits.

So can anyone explain it? I searched and still am confused

tahitijack
Contributing Member
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San Clemente, CA

Happy Sunsets, tahitijack
Nov 9th, 2017 06:52 PM   Edit   Profile   Print Topic   Search Topic

Essentials. If after you figure your actual tax, the Alternate Minimum Tax is greater, you pay the higher AMT.

K4
Contributing Member
**********
**********
**

Being defenseless

does not make you more safe
Nov 9th, 2017 07:14 PM   Edit   Profile   Print Topic   Search Topic

He claims he gets no deductions and pays top rate percent on every dollar earned??????

I wonder if he needs a new tax person. He is money savvy so I do believe him.

dudesweet157
Contributing Member
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Greensboro, NC

You're the reason our kids are ugly
Nov 9th, 2017 08:16 PM   Edit   Profile   Print Topic   Search Topic

AMT is a sort of parallel tax system that you only pay if it exceeds your regular tax liability. It's true that some of the normal deductions that a taxpayer usually gets to take (medical expenses, taxes paid, personal exemption, etc.) are added back when calculating your AMT. It's also true that AMT income is taxed at different rates, between 26% and 28%; however, 28% is quite a bit lower than the highest marginal tax bracket of 39.6%.

Also, although AMT adds back certain regular tax deductions and skips the lower marginal tax brackets, the first $53,900 is exempt from tax if you're single, and the first $83,800 is exempt if you're married filing jointly (exemption amounts are for tax year 2016).

(This message was last edited by dudesweet157 at 09:56 AM, Nov 10th, 2017)

FDP Forum / Moe's Tavern (_8^(I) / Can anyone explain the AMT?




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