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Author: irasmilo 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 121219  
Subject: Re: Do I really have to pay AMT? Date: 2/28/2005 9:26 PM
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I know this is kind of a stupid question, but I just have to ask before I go spending all of this dough...

I used TurboTax and came up with the following numbers:

State Owed: $3174
Federal REFUND: $2317
AMT OWED: $2051

So, my understanding is that if AMT is larger than Federal, I need to pay AMT. Therefore, instead of getting a refund from Federal, I will be paying $2051 AMT in addition to $3174 for state????

Is that correct?


Beats me. But the answer is painfully simple. Look at lines 71 and 74 on Form 1040. If there is an entry on line 71, you are getting a refund. If there is an entry on line 74, you owe addtional tax.

I suspect that you will find an entry of 2317 on line 71. You will also find an entry of 2051 on line 44. In other words, if you weren't subject to AMT, your federal refund would have been $4368.

Ira
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