Hit by AMT!

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  • Unregistered
    #1

    Hit by AMT!

    Client is a doctor and I did his joint personal tax return. AGI = 329,000, Sch A = 20599

    It shows $701 for AMT. I have not done AMT before. Is there any way to reduce or eliminate AMT?

    Thanks
    Tags: None
    • Armando Beaujolais
      Senior Member
      • May 2005
      • 504
      #2
      Probably not. I had people hit with AMT last year that didn't have any AMT adjustments or preferences. I wish Congress would just raise tax rates if they're going to do that, but they don't understand AMT, they just monkey with it.

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        • Unregistered
          #3
          It could be more than you figured. You must also take into account home equity interest along with a few other items that your software will not automatically do. I would research AMT a little deeper before running return.

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            • Unregistered
              #4
              Yes, he could give his staff raises.

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