Amt 2010?

[BOB W]

I was just reading Pub 17 for new issues for 2009 and 2010. I was shocked when I read 2010 AMT. For 2009 AMT is going up to 46,700 (S) and 70,950 (MFJ)...But for 2010 it is going DOWN to 33,750 (S) and 45,000 (MFJ). Lets hope something happens between now and then.

This is a major issue for Estimated tax for 2010 for those that will fall into its trap. My guess is that it will effect almost everyone, some not so little and others big time. . And in the past we were worried about inflation creep and the effect on AMT. All that is out the window now. Bush's tax cut are now gone for 2010.

I suggest that everyone read Pub 17 changes for 2009 & 2010. It is on the Web.

[outwest]

Gees Bob..

This has been the case for the last several years. Exemption amount goes back to the old law, then at the last minute, sometimes in December, Congress passes a one year fix.

Which means of course that exemption amount goes down for the following year.. old news. Stupid congress.

[tilt53]

It certainly doesn't make it easy to do planning for our clients. First this, then that... Geez we sound incompetent.

[S T]

Diclaimer

Yes - tough in tax planning, when I come across these issues , I just always add "disclaimer" that based on current tax law, blah,blah,blah! If there is a "law change" then we will recalculate, however, might be after the fact, blah,blah,blah, so I am calculating projections based on current tax law, blah,blah,blah,blah.

Really does make it sound like we are incompetent, doesn't it

Sandy

[BOB W]

This has been the case for the last several years. Exemption amount goes back to the old law, then at the last minute, sometimes in December, Congress passes a one year fix.

Which means of course that exemption amount goes down for the following year.. old news. Stupid congress.

Yes, it is old news but it always drives me crazy when I'm not ready for it because I'm fixed on other business issues. I guess if I only did 1040s I would be more focused and not be suprised when I bring myself up to date with 1040 issues.

[PIGLEE]

The first year that the AMT amount was going to drop, the first issue of my tax program had it in there, I had a chance to see who it was going to affect, and I was shocked with the results. I have warned people every year, and every year there is a fix. I am afraid that if I warn them again, it will be like calling FIRE, and there is never a fire. Not sure what I am going to do this year, but will sure use a disclaimer if we do any estimates for 2010.

THERE ARE JUST NO SIMPLE ANSWERS ANYMORE, WHY DO PEOPLE STILL ASK?

[Black Bart]

Yeah,

This has been the case for the last several years. Exemption amount goes back to the old law, then at the last minute, sometimes in December, Congress passes a one year fix.

Which means of course that exemption amount goes down for the following year.. old news. Stupid congress.

except I'm not so sure they're going to fix it this time. This administration is looking for ways to raise taxes and here's a tempting opportunity to do that without passing a bill -- just stand back and let it happen.