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AMT Brackets

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Old 02-11-2007, 11:31 AM
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Default AMT Brackets

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.
 
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Old 02-11-2007, 12:20 PM
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Default Re: AMT Brackets

Originally Posted by Revrunt View Post
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.
 

Last edited by worthywads; 02-11-2007 at 12:26 PM.
  #3  
Old 02-11-2007, 01:00 PM
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Default Re: AMT Brackets

LOL, That whole 'government' thing kept me away. I knew the powers that be would find some way to keep the taxpayers money. Nothing is without strings. Also, who could tell, with a section title like that, I might get put on the 'list.'

Thanks for the info. If this is indeed true, I'm looking at paying nothing. Mwahahahaha! *crosses fingers*
 
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Old 02-11-2007, 03:06 PM
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Default Re: AMT Brackets

I'm a grad student as well, annual income about $30G thanks to a working wife, and a mortgage. I got the entire tax credit back, or more accurately, I got all that I could have gotten back, and ultimately will pay $0 in taxes this year. Not sure if that helps...good luck.
 
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