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The stock options are ISO. It is still a private company. So is the taxable amount only $700 ? Is there anything else that I should worry about ?
Since they are ISOs, only $700 would be considered an adjustment for determining whether any AMT would be due. This amount plus any other AMT adjustments would be added together to determine if you would have to actually pay any AMT. Other adjustments would be items such as any state and local taxes claimed on Schedule A, certain miscellaneous itemized deductions claimed, and personal exemptions. So if the other adjustments are not significant, AMT will probably not apply. The links below provide more specific details.