A married-filing-jointly taxpayer with $75,000 in regular taxable income and more than $33,187 in preference items also likely triggers AMT, as does a single filer with $75,000 in regular income and more than $26,472 in preference items, according to the guide. Same goes for a married-filing-jointly taxpayer with $200,000 in regular taxable income and more than $21,419 in preference items; for a single taxpayer with that income, the trigger is $16,765 in preference items.
More issues of AMT to consider as more and more people are hit by this tax unless Congress steps in and makes sweeping changes - which, by the way, I believe they will do in the fall of 2007. Help. The AMT exemption for a married couple is $45,000 if not changed to at least be the one-year temporary stop gap measure of $62,550 from 2006.
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.