Quote:
Originally Posted by snax
Ok, here's the rundown:
Income: $53,837k
Dependents: 4 including spouse (5 exemptions total) $16500
Mortgage interest deduction: $19727
Child Tax Credit: $3000
Charitable Contributions: $1500
Telephone Tax Refund: $60
No AMT or other income or deductions.
This drops our taxable income to $14,297 before the credits are applied.
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So if I'm following at $14297 your tax is 10% of that or $1429.70?
What next? What credits do you get to get to zero? What was your AMT?