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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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Contributor

11/10/07 5:43pm PST

AMT Calculation on the Tax Planner Worksheet is INCORRECT

I have been using the Tax Planner in the Pro Series product to estimate my client's 2007 Federal tax liability. It doesn't look like the AMT aspect of the tax calculation is functioning properly? Does anyone else see a problem with the AMT calc on the Tax Planner worksheet?? It looks completely wrong. This of course is real important because of the number of taxpyers subject to AMT for 2007 (This has nothing to do with the proposed changes to the AMT -- it just looks like the AMT calc in the current software is calculating wrong).

2 Replies

Contributor

11/11/07 10:41am PST

I would not be surprised if you are right, but I checked it on myself and it was right. The exemption for 2007 is $45,000 for MFJ. What part of the calculation do you believe is incorrect?

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New Member

11/12/07 7:12pm PST

Latest post

The House has approved the exemption back up to approximately the 2006 amount. But, it still has to clear the Senate, which probably won't happen until December 13. So, the Planner is using the law as it is currently written at $45,000.

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