2010 AMT EXEMPTION INCREASE?
IS THE EXEMPTION FOR THE AMT TAX INCREASED FOR 2010
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04/04/10 11:09am PDT
Viewed by asker 04/24/10 4:19am PDT
Viewed by asker 04/24/10 4:19am PDT
11 Replies
ArchieLeach
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04/04/10 11:17am PDT
As of now, it stands to be DECREASED back to 2001 levels.
Morons. I've got MORONS on my team. Nobody is going to rob us going DOWN the mountain. We have got no MONEY going DOWN the mountain. When we HAVE GOT the money, goin' back UP the mountain, THEN you can sweat.
ArchieLeach
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04/04/10 11:40am PDT
>>>I found your response to my post on Intuit Community very helpful. Thanks for sharing your knowledge! What was the 2001 level<<<
$45,000 MFJ and $33,750 single.
Morons. I've got MORONS on my team. Nobody is going to rob us going DOWN the mountain. We have got no MONEY going DOWN the mountain. When we HAVE GOT the money, goin' back UP the mountain, THEN you can sweat.
Mimbreno
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04/04/10 1:11pm PDT
I've had several clients who are subject to AMT in 2010 that were not in 2009. A decrease from $70,950 MFJ, $46,700 Single to the 2010 exemption amounts has caused some to need to pay additional estimated taxes for 2010 and yet I keep thinking it will get "fixed". Has anyone heard anything in the making?
I am not young enough to know everything. - Oscar Wilde
ArchieLeach
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04/04/10 1:21pm PDT
Everyone has assumed all along that it would be patched again. But as [removed] off as the members of congress are at one another now, I wouldn't count on anything. It would mean a humongous tax windfall for the current administration, just when they need it most.
Morons. I've got MORONS on my team. Nobody is going to rob us going DOWN the mountain. We have got no MONEY going DOWN the mountain. When we HAVE GOT the money, goin' back UP the mountain, THEN you can sweat.
04/23/10 10:21am PDT
Is there anything in the works to increase the AMT exemption for 2010?
Accountant Man
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04/23/10 10:43am PDT
The last one I found was:
S.722
Taxpayer Certainty and Relief Act of 2009 (Introduced in Senate) 03/26/09
Search http://thomas.loc.gov/ for legislation at the Library of Congress website.
If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
12/02/10 3:58pm PST
I have assumed that the AMT exemption amount will NOT be increased for 2010. It means that I have to pay estimated taxes for 2010, but I think it is a safer way to go, in order to avoid any penalties. And if Congress ends up increasing the exemption amount, so much the better.
12/02/10 4:34pm PST
If you look at the 6251 in PS, the form itself says $45,000, but the program calculates $70,950. If you look at the draft form as of 11/19/10 at the IRS website, the form says $72,450.
I previously posted the address for the IRS draft forms.
12/02/10 7:37pm PST
Here we are in December, with no idea what taxes for 2010 will look like, and no prospect for knowing any time soon. Congress (D or R), SC.REW YOU!!!!
Accountant Man
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12/03/10 6:49am PST
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The PS forms were updated last night. The form still says $45,000, but the calculations used $72,450. I wonder where they got that number from?
Also the Sch. SE line 3 calculation now uses the SE HI from page 1, line 29.
If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
