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.
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. Earnings Estimates, Analyst Ra