Quote:
Originally Posted by SoopahMan
Just to be clear, the AMT should be either 0, or all the tax you're paying; it's an alternative tax model, so either you pay taxes under the regular model or, if the AMT model would charge you more, you pay the AMT instead. If the AMT came up as 0 that means you paid more under the normal model than you would have under the AMT model, not that you had no taxable income under the AMT model.
I'm not an accountant, but I keep track of tax laws so I can put my money where it belongs.
Also, you can make a lot less than $75000 and get hit by the AMT if you have a tax credit coming your way that's over $3000. Hybrid buyers getting such a large credit are in a unique category; before entering my investments but after entering $55k of my income, the AMT kicked in for me. After entering my investments, the AMT was below my normal tax.
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Good clarification SoopahMan.
I'm so used to people asking what the threshold is where they might
pay AMT as opposed to when one has to
calculate their AMT income. If ones AMT income (AGI plus preference items) exceeds the exemption (single $42,500, Married-joint $62,550), he will have a minimum tax. So theoretically one can have an AGI of 0 and still owe AMT.
In your case, you are probably getting a reduction from past AMT calculations or some non-passive losses.
To expand on what you stated earlier: The Alternative Motor Vehicle Credit(Form 8910) is affected by the calculated AMT(Form 6251,
line 33) and not the AMT due(Form 6251,
line 35).