The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: amt for 2013?||Date: 9/2/2013 3:40 PM|
|Author: ptheland||Number: 119116 of 122620|
Oh Wow, Peter. I think you're right!
My gut feeling was that you weren't in AMT territory, so I ran a few numbers to see. And I knew you had the AMT calc wrong, so I wanted to address that.
The additional exemption? He is a non related dependent. (I forget the exact term now.) He does not live in our home,
Let's stop right there. The only dependent that might not live in your home is a parent. For anyone else, they have to live in your home to be a dependent.
he made less than the ceiling amount (perhaps $500), and we provided his support.
Those are a good start, but there are other tests.
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?
No. If they're a dependent, you get the exemption. AND you can also deduct medical expenses for dependents.
If you want to dig into that further, I'd suggest starting another thread.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|