I stand corrected. My mortgage interest is so low these
days that it hardly registers when I do my taxes. Just the
state income tax withholding, the city income tax, and
property taxes are enough to put me into the AMT. The
mortgage interest hardly provides any offset. Charitable
contributions are helpful, but short of either donating most
of our W-2 income, or taking out a mortgage to buy a house
we don't need, we kinda in shaka-boom territory - two
relatively high W-2 incomes (too rich to be democrat; too
poor to be republican), no debt, lots of capital gains (on
paper), fully funded and comfortable retirement plans and
the damn AMT. What more could an American want. I'm still
looking around under mattresses and pillows, in drawers and
wall safes. I'll be darned if I can find that Bush tax cut
the republicans claim they gave me and the democrats want to
take away from me.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Gil Faver" <Rowdy'sboss[at]ND.com> wrote:
- quote -

Thank you for the information. I went to the first page and
it didn't look any better than form 6251 so I looked no
further.

Drew Edmundson, CPA
Cary, NC

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Drew Edmundson" <drewsbeagles[at]hotmail.com> wrote:
- quote -

no, this is not an estimator, it is an "assistant". It
tells you if you need to fill out the AMT form, which may
tell you that you owe AMT, or it may tell you you do not owe
AMT. And the "assistant" begs off on many items, so it is
pretty useless.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Fearless" <feldesmanm[at]gmail.com> wrote:

- quote -

Perhaps you should use an umbrella. Mortgage interest for
acquisition of a primary residence or second fixed home are
NOT AMT exclusion items.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

uickcur[at]yahoo.com wrote:

- quote -

The amount varies from individual to individual. The IRS
has an AMT estimator at:

http://apps.irs.gov/app/amt/

Give it a shot.

Drew Edmundson, CPA
Cary, NC

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

quickcur[at]yahoo.com writes:
- quote -

Use the AMT Assistant to find out.
http://apps.irs.gov/app/amt/.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Mortgage interest, property taxes, state and local income
taxes, and pretty much all miscellaneous deductions are AMT
preference items, which means they aren't deductible for the
purposes of the AMT. There is no "rough" idea, but you're
certainly a prime candidate for the AMT.

Been there for 10+ years and still can't figure out how to
avoid it with 95% of income from W-2.

Sorry to rain on the parade.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Hi everyone:

I am looking for a rough idea about how much income will
trigger AMT. Say a couple earn $180,000/year with a
$40,000/year mortgage interests and all other factors are
normal, no big captial gain, big deduction, are they
subjected to AMT.

Thanks,

qq

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >