The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/amt-will-eliminate-your-deduction-for-various-31186337.aspx

Subject:  Re: Married: File Joint or Separate Date:  3/28/2014  12:40 PM
Author:  ptheland Number:  120614 of 121219

AMT will eliminate your deduction for various taxes, but should leave your mortgage interest alone.

In splitting your returns, it's possible that the income on one of the separate returns is low enough to avoid AMT, but the income on the other should get hit harder with AMT. So the net effect should be small, and quite possibly a higher tax on the split returns.

I'd still guess that you're doing something wrong to get a significantly lower tax on the separate returns, particularly if AMT is going away on both returns.

--Peter
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us