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Question on AMT and Taxes
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jim.g...@gmail.com
Dec 30, 2007, 12:49:12 PM12/30/07
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I am a little confused. Last year between me and my spouse we earned
almost 380K( to my surprise). I have paid around 117K in taxes so
far(which is 31%).
My question is :
1. How much taxes do I owe (%) Is it 35% or 28%?
2. Will I be subject to AMT.
I live in NY
Thanks
almost 380K( to my surprise). I have paid around 117K in taxes so
far(which is 31%).
My question is :
1. How much taxes do I owe (%) Is it 35% or 28%?
2. Will I be subject to AMT.
I live in NY
Thanks
Arthur Kamlet
Jan 1, 2008, 2:29:11 AM1/1/08
to
In article <ae1f138f-9557-4d4a...@l1g2000hsa.googlegroups.com>,
Everyone above the AGI threshold for AMT, and you are, should calculate
regular income tax and TMT (Tentative Minimum tax)
If TMT is less than regular income tax, you pay regular income tax
and that's that. Chances are that's where you fit.
If TMT is more than regular income tax, the difference is added in
on the AMT line of the 1040.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
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