Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next
Author: DeltaOne81 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124982  
Subject: Lack of AMT patch by early Jan Date: 12/29/2012 11:06 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
According to my calculations:
1) if there's no AMT patch I will owe a few thousand dollars in AMT - mostly because I live in a high tax state (NJ). Mortgage interest for a primary resident and charitable count as deductions for AMT, but state income and local property taxes don't, right?
2) in this case I will not quality for any safe harbor for penalties. Primarily bc last year we paid a chunk of extra capital gains taxes, so I could not/did not choose to withhold enough to meet the "100% of prior years taxes" safe harbor.

So my question is... If no AMT patch is decided by Jan 14 or so, should I mail in an estimated payment to cover the AMT extra in order to avoid penalties? Or is there some exclusion for penalties with regards to AMT (seems unlikely - unless maybe there's word of a special thing for this year)?

Of important note - in the event an AMT patch was passed after I mailed it in, while annoying, it would not be a hardship to do without the few thousand for a couple months.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.