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lost750
New Member

Turbo tax said I'd owe AMT a little over $7K , but I don't see evidence of that. It still hows as a federal refund of ~$6K. How do I know if I'm paying the AMT?

 
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ClarkeB
New Member

Turbo tax said I'd owe AMT a little over $7K , but I don't see evidence of that. It still hows as a federal refund of ~$6K. How do I know if I'm paying the AMT?

When we calculate your "regular" taxes for the year, we also calculate your AMT taxes behind the scenes. We do this on every personal (individual) tax return.

If your AMT tax calculation exceeds your "regular" tax calculation, you become one of the several million taxpayers who have to pay the AMT this year.

Upper-middle class taxpayers are the most likely victims, but this is not always a given. Risk factors include:

  • Exercising ISOs (incentive stock options);
  • Living in an area with a high state and/or local income tax;
  • Supporting multiple dependents, especially if you're filing jointly;
  • Taking a home-equity loan for something other than improving your home;
  • Taking a large miscellaneous deduction like investment expenses and unreimbursed employee business expenses;
  • Claiming business depreciation.

You don't have to pay your AMT separately; we've already accounted for it in your refund or taxes owed amount.


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