Quote:
Originally Posted by Revrunt
So, my CPA has all of my income information. They are working on my returns now. Just so I'm prepared, at what point does the AMT kick in? I am in a low tax bracket (I'm a grad student, so you know just how low that can be) and from what I've read in other threads, the AMT doesn't apply until you reach a certain level of income. I have quite a few deductions, but, since I begin in a low bracket, I'm hoping that I avoid the AMT laws. I realize I probably won't get the full Tax Credit for my HCH-II, but I'm hoping for at least some to knock out what income tax I owe. If anyone has any experience with this let me know.
|
You have to make in excess of $42,500 for a single person to be effected by the AMT, I'm pretty sure. Mortgage lowers your AMT also.
Oh yeah, you blew it. You could have been the first to post a tax question in the new "Government & Taxes" section.
