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Author: Lurker1999 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124819  
Subject: How did I pay alternative minimum tax? Date: 4/20/2011 10:22 AM
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I used TaxAct like I have been for years to file my 2010 taxes. The only thing that has substantially changed this past year is that my income has gone up a rather healthy amount. I did not incur any capital gains, but actually have a lot of carry-forward long-term capital losses still.

I itemize, primarily because the amount of state income tax that I pay ($13,000+ this past year) exceeds my standard deduction (single). I did not have medical expenses that met my AGI floor and minimally deducted some charitable contributions. I do not have a mortgage that I can deduct. I had a trivial amount of 1099 income ($650) which I wrote off entirely against some expenses. I did have some employee expenses for licensing, subscriptions, etc. but those ended up not making it onto my summary screen, I presume due to the AMT.

This year I ended up having to pay nearly another $1000 of AMT which resulted in my having to pay the IRS a bit of money.

What else would I need to provide people here so they could give me an idea of why I ended up incurring AMT this year? I had thought this only affected people with "large" deductions relative to their income.
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