Taxes / Tax return questions

Frenzied Wombat · Feb 28, 2013

I just did my taxes on TurboTax like every year and this year I am getting fucked with the AMT. However the typical scenario of who the AMT typically applies to doesn't seem to really describe me. I'm single, no dependents, have tax deducted at source, and have the typical deductions like mortgage interest, property tax, and state sales tax-- but that's about it. I did know I would owe taxes as almost 50% of my salary is bonuses, and they tax that at source at a flat 25% (which is too low), but I didn't think I was going to get assraped with the AMT.

Blazin · Feb 28, 2013

Frenzied Wombat_sl said:
I just did my taxes on TurboTax like every year and this year I am getting fucked with the AMT. However the typical scenario of who the AMT typically applies to doesn't seem to really describe me. I'm single, no dependents, have tax deducted at source, and have the typical deductions like mortgage interest, property tax, and state sales tax-- but that's about it. I did know I would owe taxes as almost 50% of my salary is bonuses, and they tax that at source at a flat 25% (which is too low), but I didn't think I was going to get assraped with the AMT.

From my understanding of AMT it means that you have a fair bit of Schedule A deductions, how much your employer held wouldn't affect it, just how much you now have to pay that you hadn't already. It seems most people getting hit with the AMT are house rich making their deductions rather high for their income.

OneofOne · Mar 13, 2013

Kids in china or AI becoming intelligent and self-aware? We may never know!

Alkorin · Mar 13, 2013

Targeted bots strike again! Holy shit. They're getting smrt.

Search

Taxes / Tax return questions

Frenzied Wombat

Potato del Grande

Blazin

Creative Title

OneofOne

Silver Baronet of the Realm

Chancellor Alkorin

Part-Time Sith