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#4
09-23-2004, 06:24 PM
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 Re: Alternative Minimum Tax On 23 Sep 2004 12:50:01 GMT, "HW \"Skip\" Weldon" <skip5700removethis[at]hotmail.com> wrote: - quote - > On Mon, 20 Sep 2004 08:02:22 CST, "HW \"Skip\" Weldon"
Not all medical is added back. The 7.5% is changed to 10%.> <skip5700removethis[at]hotmail.com> wrote: > > I am compiling a list of tax deductions that reduce the regular tax, > > yet do not come back to haunt in the AMT calculation. > > > Any ideas, including corrections to the following, appreciated. > > ---------- > > > Schedule C business expenses > > Medical expenses > > Retirement Plan contributions (traditional IRA, 401k, etc.) > > Mortgage interest used to buy, build or improve residence > > Residence property tax > > Flexible Spending Account contributions > Thanks to those who responded. Looks like both medical/dental and the > property tax are added back under AMT. > Other than above, can anyone think of regular deductions that are > *not* added back? Deduction for both regular and AMT (* ones may be adjusted): --------------------------------------------------------------- Charitable contributions Investment Interest * Gambling losses to extent of gains Casualty and theft losses * Estate tax on IRD Deduction on repayment of a claim of right if over $3,000 There are others, see line 27 of Schedule A Tuition and fees deduction Alimony Reforestation amortization 1/2 SE tax Moving expenses SE health insurance * early withdrawal penalty student loan interest educator expenses - if Congress restores it etc. |
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#3
09-23-2004, 12:50 PM
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| Re: Alternative Minimum Tax On Mon, 20 Sep 2004 08:02:22 CST, "HW \"Skip\" Weldon" <skip5700removethis[at]hotmail.com> wrote: - quote - > I am compiling a list of tax deductions that reduce the regular tax,
Thanks to those who responded. Looks like both medical/dental and the> yet do not come back to haunt in the AMT calculation. > Any ideas, including corrections to the following, appreciated. > ---------- > Schedule C business expenses > Medical expenses > Retirement Plan contributions (traditional IRA, 401k, etc.) > Mortgage interest used to buy, build or improve residence > Residence property tax > Flexible Spending Account contributions property tax are added back under AMT. Other than above, can anyone think of regular deductions that are *not* added back? -HW "Skip" Weldon Columbia, SC |
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#2
09-21-2004, 09:45 PM
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| Re: Alternative Minimum Tax Douglas Johnson <johnson[at]classtech.notpartofaddress.com> wrote: - quote - > I'm no tax expert, but it looks to me that property tax does come
You're not wrong. :-(> back to haunt the AMT calculation. Property tax is deducted on line 6 > of Schedule A and added back to line 3 of the the AMT form, 6251. I > would love to find out I'm wrong. It would be nice if both property tax and state income tax were deductible. I hate paying a tax on a tax. -- Ron |
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#1
09-21-2004, 04:28 PM
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| Re: Alternative Minimum Tax "HW \"Skip\" Weldon" <skip5700removethis[at]hotmail.com> wrote: - quote - > I am compiling a list of tax deductions that reduce the regular tax,
I'm no tax expert, but it looks to me that property tax does come back to haunt> yet do not come back to haunt in the AMT calculation. > Any ideas, including corrections to the following, appreciated. > ---------- > Residence property tax the AMT calculation. Property tax is deducted on line 6 of Schedule A and added back to line 3 of the the AMT form, 6251. I would love to find out I'm wrong. -- Doug |
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09-20-2004, 10:13 PM
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| Re: Alternative Minimum Tax HW "Skip" Weldon wrote: - quote - > I am compiling a list of tax deductions that reduce the regular tax,
The following article might help:> yet do not come back to haunt in the AMT calculation. > Any ideas, including corrections to the following, appreciated. > ---------- > Schedule C business expenses > Medical expenses > Retirement Plan contributions (traditional IRA, 401k, etc.) > Mortgage interest used to buy, build or improve residence > Residence property tax > Flexible Spending Account contributions http://www.latimes.com/business/inve...,3923487.story Anoop |
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#-1
09-20-2004, 02:02 PM
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| Alternative Minimum Tax I am compiling a list of tax deductions that reduce the regular tax, yet do not come back to haunt in the AMT calculation. Any ideas, including corrections to the following, appreciated. ---------- Schedule C business expenses Medical expenses Retirement Plan contributions (traditional IRA, 401k, etc.) Mortgage interest used to buy, build or improve residence Residence property tax Flexible Spending Account contributions -HW "Skip" Weldon Columbia, SC |
| Tags |
| alternative, minimum, tax |
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