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Recent Alternative Minimum Tax questions

ONLY ONLY ONLY…THANK YOU California Personal Tax Return for

Emc011075 ONLY ONLY ONLY…THANK YOUCalifornia Personal Tax Return for year 2015…a check was written to the Franchise Tax Board for $2,500 in April 2015. The Franchise tax Board wrote back a check of $1,000 because of an error…I paid too much.I Received a refund check from the Franchise Board in 2016 for $1,000 and also Form 1099-G.While doing the Personal 1040 Federal tax return for 2016 1040 I reported the $1,000 as income line 10-Taxable Refunds. I itemized on Schedule A for 2015 and will itemize again in 2016. The tax software automatically transferred the $2,500 paid to the Franchise Tax Board in 2015 to Schedule A Line 5 Income Taxes for 2016 as a deduction.QUESTIONI'm reporting the $1,000 on 1040 line 10 as Tax Refund Income in 2016. Do I need to manually reduce (Override) by $1,000 on Schedule A line 5 Income Tax Deduction of $2,500 down to $1,000 since I received a refund in that amount and therefore the deduction should be eliminated?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,236 satisfied customers
Sure, I got a large severance payment in 2016 and now I will

SureJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I got a large severance payment in 2016 and now I will be paying $9K in federal taxes due to the AMT. However, this AMT does not seem to impact the state taxes, since I will be getting a REFUND of $8k from NY. Does this make sense?JA: Is there anything else important you think the Accountant should know?Customer: Nope.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
Retirement IRA. received one from father-in-law's estate.

Retirement IRA. received one from father-in-law's estate. Can we donate from that to a 501c3 charity without incurring tax liability?Thank you!

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Mark Taylor

Certified Public Accountant

Masters

3,302 satisfied customers
I'm wanting to file an S corp but want to report as little

I'm wanting to file an S corp but want to report as little income as possible because my student loan repayment is based on my personal return. I'm considering starting a business in my wifes name, paying her business to manage my clinic, and both of us filing married but separate income taxes.

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Mark Taylor

Certified Public Accountant

Masters

3,302 satisfied customers
I retired this year and am receiving a lump sum distribution

I retired this year and am receiving a lump sum distribution from an excess 401k plan/ Non-qualified plan. I thought it was eligible for rollover, but it is not. What kind of options are there to lower the taxes?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I retired in September

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,924 satisfied customers
How much can I use as a credit for the money I pay for his

How much can I use as a credit for the money I pay for his care at a memory care facility?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: where do I see page 1?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband is in a memory care facility as prescribed by his doctors. Is there a tax creit I can file under itemized deductions?JA: Is there anything else important you think the Accountant should know?Customer: He has parkinsons and lewy body disease and requires observation and care of ADl's

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ABC Accounting Group

Bachelor's Degree

734 satisfied customers
I got an extension and am trying to file thru Taxslayer. I

I got an extension and am trying to file thru Taxslayer. I usually get back around $2,200. This past year I had a significantly larger amount of mortgage interest that I paid, but the refund is only $2,500. I've gone back and added my medical deductions and some charity and property taxes I had overlooked, but the refund amount stays the same. I know I'm above the standard deduction. Does this sound normal?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,924 satisfied customers
We have a very large term capital gain . Does this push our

hi...we have a very large long term capital gain for 2016. Does this push our regular income tax into a higher bracket?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we have a long term capital gain of $330,000 for the 2016 tax year. My wife and I have combined income of about $180.000 and file married jointly. Will the regular income of $180,000 be taxed at the high or highest rates of 35% and 39.5% respectively?JA: Is there anything else important you think the Accountant should know?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Megan C

Master's Degree

30,026 satisfied customers
What is the difference between prior depreciation and prior

What is the difference between prior depreciation and prior AMT depreciation for a vehicle when claiming business usage deductions and credits?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,236 satisfied customers
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