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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 121061  
Subject: Re: Tax Exempt Interest/AMT Date: 2/2/2007 12:44 AM
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You have said the prospectus told you the bond was exempt from AMT.
Also, if the bond were subject to AMT, your confirmation slip from Fidelity would so state, in addition to the information being on the 1099.
So it would be pretty hard not to know.
Mutual funds are more difficult, but there is sheet or a folder with mutual fund 1099s that tell you the % of your interest that is "private activity bonds"--subject to AMT.


This year it will be much easier as tax-exempt interest and AMT interest must be reported on the 1099. The downside is that many 1099s will be delayed or corrected. Several large brokerages have already received extensions from the IRS allowing them to issue first 1099s in early March. (I don't recall this EVER happening before.)

Ira
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