Hi!DH and I have been required to do the AMT calculation for the past two years, but have not actually triggered this tax in either case (the AMT is more than $2000 less than we have paid in taxes). In 2003, we will have a lot more money going into 403b and a 457 (33% of our gross income, vs. 14% last year). Our HH income will be 15-20K higher as well this year, all of which is going into the 403bs and 457 plans. Our other deductions should stay the same or decrease slightly.If I am understanding the way AMT works, having more income but deferring it all into these plans will not trigger the AMT. I find the AMT the hardest tax rule to understand, so I wanted to make sure I am assuming correctly, and I am not fervently saving only to bump myself into a much higher tax liability.Thanks!Modi
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