The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: amt for 2013?||Date: 9/2/2013 3:17 PM|
|Author: lethean||Number: 119115 of 121096|
Oh Wow, Peter. I think you're right! I checked your numbers and could follow them. I then went back to TT "what if". Nothing appears wrong there except that it shows AMT of roughly $4000. It must be an error in the module.
In years past, I learned to ignore AMT amount in the "what if" module. It would be eliminated with the year end patch. This year I guess I figured that since AMT was permanently fixed - that the TT "what if" module would be accurate as regards AMT. Maybe I should try running a TT update? and see if that fixes the problem.
Anyway, it looks to me like you're right. Whew. So long as I'm paying 15% cap gain, that's fine. And I can't avoid the 25% rate this year, so that's fine. Such a RELIEF!
Re the #s that you so kindly deciphered. Yes. I didn't show $125 and ($5000) in my list but included them in AGI and Taxable Income. Thank you for going with my #s anyway. And yes. 2 of us over 65, married, and one additional exemption.
The additional exemption? He is a non related dependent. (I forget the exact term now.) He does not live in our home, he made less than the ceiling amount (perhaps $500), and we provided his support. I thought I had a choice of deducting his medical expenses or taking an additional exemption, not both. I chose the exemption. Is that correct?
I am so relieved now that you have explained why we are not in AMT territory paying an additional $4000 as TT indicated. HUGE relief. I can't tell you.
Turns out Phil was right, too. Thank you Phil.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|