In years past, I learned to ignore AMT amount in the "what if" module. It would be eliminated with the year end patch. This year I guess I figured that since AMT was permanently fixed - that the TT "what if" module would be accurate as regards AMT. Maybe I should try running a TT update? and see if that fixes the problem. Or just take a look at the 6251 that TT produces and see whether its numbers match Peter's for the exemption.The additional exemption? He is a non related dependent. (I forget the exact term now.) He does not live in our home, he made less than the ceiling amount (perhaps $500), and we provided his support. I thought I had a choice of deducting his medical expenses or taking an additional exemption, not both. I chose the exemption. Is that correct? Oops. The term you couldn't come up with is, I believe, Qualifying Relative, who oddly enough doesn't have to be related to you. However, this person doesn't qualify as your dependent because he is not related by blood or marriage to you or your spouse and didn't live with you the entire year. You can deduct a dependent's medical expenses and even the medical expenses of some people who don't meet all the requirements of being a dependent. However, in the case of this person, you can claim neither.See Publications 501 (dependency) and 502 (medical expenses). The form for amending prior returns is the 1040X.PhilRule Your Retirement Home Fool
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<