I was doing an estimate for 2010. I did the planner and AMT amount showed up under the 2010 column. When I did the estimate on 2009 tax software, no AMT showed up. Has something changed with AMT for 2010? It made $2600 difference in the tax.
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amt
They have not passed the patch for 2010 if they don't it will reach more people. -
Amt
It was/is addressed in the proposed budget.....so whenever that gets passed, we might have our answer!
(The proposal is to use 2009 amounts - and make them permanent with adjustments for inflation.)Comment
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I'd give the client the higher figure and tell them their Jan payment (and possibly their Sep payment) may be lower if Congress fixes AMT. Some clients like to try and pass the buck when an estimate is off target, so it's better to provide estimates based only on the current law and then deliver the good news if & when it comes."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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