Changes to AMT in 2008?
I remember some political discussion in the past year about changes to AMT. TurboTax says it will not have it’s updated AMT tables until mid-Jan 2009.
Does anyone think the AMT calculations will be changed significantly when the dust has settled?
Thanks
Permalink Submitted by Alan Spross on Mon, 2008-12-29 04:44
The 2008 AMT Patch has been passed, and that is what TTax is probably in the process of including in their software for January.
http://www.bethphillipscpa.com/blog/post/2008-Tax-Year-Alternative-Minim…
Permalink Submitted by James Mitchell on Mon, 2008-12-29 04:55
Great. This is very helpful. This circa $3k increase should means a joint return can have about $3k more earned income and have the same tax bill as TurboTax now calculates for the lower amount.
I just read this and it makes perfect sense to me but may cause problems for anyone having a greater intolerance for English misuse than I obviously have… sorry…
Happy New Year all..
Permalink Submitted by James Mitchell on Mon, 2008-12-29 05:41
Actually, I just checked my TurboTax calcs and they are already using the larger amount of $69,950. I guess they are just cleaning up their outputs but the taxes currently calculated are probably correct.
Thanks again