Amt

[TAX]

MFJ, two kids

Line 7 income = 371,000
Interest = 8,000
Sch C = 12000
Capital Loss = -2700
AGI = 380,504
SCH A = 58270
Exemptions = 4532
Taxable income = 317702
Reg Tax = 83900
AMT = 5,595

Is there a way to reduce or Eliminate AMT? I am new to AMT.

Would appreciate any help

[JohnH]

Ways to Eliminate AMT

1) Elect people with common sense to Congress
2) Earn less money

[TAX]

1) Elect people with common sense to Congress
2) Earn less money

Thank you!
(1) I can do #1 if you can find one!
(2) I can not control # 2 - That requiers "smart" tax planning and that is why I put this qestion board

[veritas]

Schedule C-one thought

You could contribute to a SEP. Do they do deductible ira's? Do they pay for their own health insurance?

Your facts are pretty sketchy.

[TAX]

You could contribute to a SEP. Do they do deductible ira's? Do they pay for their own health insurance?

Your facts are pretty sketchy.

TP has W-2 income
Spouse = Sch C income

They do not do IRA's. TP does particiapte in 401k at work. Since spouse has Sch "C" income, they can do SEP IRA but will High AGI be factor?

[veritas]

Sep Ira

is not affected by AGI. You have to the due date including extension.

[Lion]

#3

Client could also make more money and outgrow AMT...

[Bees Knees]

(2) I can not control # 2 - That requiers "smart" tax planning and that is why I put this qestion board

I'll help you with this one. Have your client give me the extra money earned, and I will pay his/her AMT tax.

Problem solved.

[TAX]

is not affected by AGI. You have to the due date including extension.

Thanks! It was very nice of you to help.