|
|
|
|
| Author |
|
|
Registered User
Join Date: Aug 2007
Location: Milwaukee
Posts: 2,431
|
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? |
||
03-11-2008, 12:32 PM
|
|
|
Bandwidth AbUser
Join Date: Nov 2001
Location: SoCal
Posts: 29,522
|
We have pretty high income and very limited itemized deductions. We pay a boatload of taxes and are not impacted by AMT.
__________________
Jim R. |
||
|
03-11-2008, 12:35 PM
|
|
|
Registered
Join Date: Jan 2002
Location: I'm out there.
Posts: 13,084
|
AMT? Yes...
__________________
My work here is nearly finished.
|
||
|
03-11-2008, 12:38 PM
|
|
|
Registered User
Join Date: Aug 2007
Location: Milwaukee
Posts: 2,431
|
Quote:
|
||
|
03-11-2008, 12:39 PM
|
|
|
Registered
|
Hit me big time the past 3 years
|
||
|
03-11-2008, 01:15 PM
|
|
|
Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
|
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".
__________________
Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
||
|
03-11-2008, 01:20 PM
|
|
|
|
Registered
Join Date: Nov 2004
Location: Charleston, SC
Posts: 2,357
|
Not yet, but I worry about 09 taxes...
__________________
'87 924S (Sold) |
||
|
03-11-2008, 01:57 PM
|
|
|
Registered
|
This is the first time in 5 years I haven't been slammed with it!
|
||
|
03-11-2008, 02:44 PM
|
|
|
Registered
Join Date: Oct 2005
Location: Magnolia State
Posts: 7,548
|
hit me 3 years ago...not lately tho'.
|
||
|
03-11-2008, 03:30 PM
|
|
|
Registered
Join Date: Aug 2003
Location: Capital Region, NY
Posts: 688
|
Not yet but just by the skin of our teeth. Gross v. taxable still chasing...
87 blk coupe |
||
|
03-11-2008, 04:37 PM
|
|
|
Registered
Join Date: Nov 2002
Location: NWNJ
Posts: 6,202
|
No, not enough income or deductions.
__________________
big blue tricycle stare down the darkness and watch it fade |
||
|
03-11-2008, 04:56 PM
|
|
|
Registered
Join Date: Aug 2000
Location: Palm Beach, Florida, USA
Posts: 7,713
|
Hit me for a long time now. I don't know many people it doesn't hit.
__________________
MRM 1994 Carrera |
||
|
03-11-2008, 05:14 PM
|
|
|
|
Canadian Member
|
you don't want to know
 too bad they don't teach business in schools. |
||
|
03-11-2008, 08:07 PM
|
|
|
Registered
Join Date: Oct 2005
Location: Magnolia State
Posts: 7,548
|
Quote:
You run in some pretty stout circles 
|
||
|
03-11-2008, 08:11 PM
|
|
|
Detached Member
Join Date: May 2003
Location: southern California
Posts: 26,964
|
Quote:
__________________
Hugh |
||
|
03-11-2008, 08:34 PM
|
|
|
Registered
Join Date: Aug 2000
Location: Palm Beach, Florida, USA
Posts: 7,713
|
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.
__________________
MRM 1994 Carrera |
||
|
03-12-2008, 04:07 AM
|
|
|
Bandwidth AbUser
Join Date: Nov 2001
Location: SoCal
Posts: 29,522
|
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.
__________________
Jim R. |
||
|
03-12-2008, 04:29 AM
|
|
993 Cab
1974 w/89 Look Porsche 911 Cabriolet 2.7 L Rebuil
993 TT
