Does the AMT hit you?
 

I just read today that only about 4 million Americans are impacted by the AMT.

So let's say that about half of them are legitimate "high" income folks.

That means that the rest are among a tiny fraction of the USA population.

So why is that number so skewed if we can believe what's heard on this board?

We have pretty high income and very limited itemized deductions. We pay a boatload of taxes and are not impacted by AMT.

AMT? Yes... :(

Yeah, being retired that's pretty much our situation also.

Hit me big time the past 3 years

So far, I've been able to keep my taxable income to about half of my gross income.

Of course, sometimes I feel "401k poor".

Not yet, but I worry about 09 taxes...

This is the first time in 5 years I haven't been slammed with it! :cool:

hit me 3 years ago...not lately tho'.:(

Not yet but just by the skin of our teeth. Gross v. taxable still chasing...

87 blk coupe

No, not enough income or deductions.

Hit me for a long time now. I don't know many people it doesn't hit.

you don't want to know ;)
too bad they don't teach business in schools.

You run in some pretty stout circles:D

+1 first time in a number of years.

Not really. My wife works for a large manufacturing and marketing company in Minnesota. Most of our friends are engineers with working wives. Two professional incomes gets you there real fast.

Strange, we're both working professionals, but without substantial itemized deductions. We have never been hit with AMT. Isn't the purpose of AMT to tax those households that are eligible for so many tax benefits that they owed little or no income tax? We pay through the nose even without AMT. :(