I have a college assignment that is 5% of my final grade and i really need help trying to compute the regular tax and alternative minimum taxes with reporting income

[jameshickey7]

SOS

[Lisa995]

What is your question?  We cant help you cheat on your homework, but maybe someone can direct you to helpful instructions.

[Carl]

Well I must commend you for your honesty. Most students try to disguise their assignment as a personal tax problem in the hopes that someone in this forum will give them the answer without them having to do that dirty, filthy, unspeakable four-letter word and actually *W*O*R*K* for the answer themselves. Generally, we can pick the cheaters out like a lighthouse on Cape Cod in clear weather. You strike me as one not just willing to do the work, but desiring to do the work because you recognize the fact that you will better remember those things you have to work for, much longer than you remember those things given to you.

Start with Tax Topic 556 on the IRS website at https://www.irs.gov/taxtopics/tc556.html for the basic (very basic) math formula on this. Then do a google search on "How to figure the alternative minimum tax" and I'm confident you'll not only have the knowledge you need within the hour, but you'll actually understand it too.

[jameshickey7]

I definitely understand the concept of the phase out over allowances in the AMT, and making taxpayers actually pay more who have dozens of deductions/write offs in high tax brackets. Its the part of actually preparing the federal and state taxes myself for these exemptions with accuracy that is new to me and overwhelming. I am interested in this because I want to  help people save money some day not just to pass the class. Right on Carl..

[Carl]

I myself have only had to deal with AMT once, in my 25 plus years as a rental property owner and also self-employed with a wife who works a W-2 job. Yeah, I had to do the worksheets only to find that I did not have to pay the AMT. It sucked, but it was something I had to go through *I guess* to prove to somebody at the IRS that I didn't have to pay AMT. I never fully understood what I was doing. I just followed the instructions. Of course, this was back in 2006 or 7 I think. So it's been awhile.
Hey @TaxGuyBill can you offer some reference here that would help a student not only learn, but also understand? I myself "know", but I have to confess that I do not understand. Best I can do at this point is reference the worksheets and instructions at <a rel="nofollow" target="_blank" href="https://www.irs.gov/individuals/alternative-minimum-tax-assistant-for-individuals">https://www.irs.g...> and that's only for individuals. I would imagine things are more involved on corporate or estate returns.

[jameshickey7]

Appreciate you