This is my situation for 2012: I have about $225K AGI with around $203K of LTCG or qualified dividends and $22K or so of other income (non qualified dividends, income from business and STCG). Using the 1040 cap gains worksheet I get tax of around $27K but when I run through the AMT form this gives an additional $26K or so tax which seems way off. I realize that large LTCG while not being subject to the AMT itself can push other income into it which is why I was expecting it but in this case the other income is so small relative to the additional AMT it makes no sense to me. The only deduction the AMT added back was the State tax of $10K or so.
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