Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 2
yes, i am being hit with AMT ($1629 unfortunately... oops) but the deductions im looking at are well over the 2% floor. AGI is around 133K. basically i have about $40,000 in misc sched A deductions (charity, home office, legal, unreimbursed employee expenses), but any amount over $23,210 doesnt change anything (i just played with the numbers to figure out where it stopped making a difference). If I drop below that figure, then the tax owed starts going up, it just appears once I reach that magic number, additional deductions don't appear to count for anything.

I suspect AMT is the culprit. Stop looking at that ridiculous "watch your refund grow" number and look at the return to see what happens when you change Schedule A amounts. I suspect you'll find that tax on line 40 goes down, but AMT on line 41 goes up an equal amount.

Phil Marti
Print the post  


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.
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.