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Can you tell me how alternative minimum tax is calculated?
Hello, Can you tell me how alternative minimum tax is calculated? My wife and I will have 75k in w-2 income and 200k in pass thru income from an scorp. Thanks.… read more
Barbara
Barbara
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One quick follow-up related to my last question. Can you
One quick follow-up related to my last question. Can you help me understand what impact the AMT will have?"With ISOs, your taxes depend on the dates of the transactions (that is, when you exercise the… read more
Carter McBride
Carter McBride
LLM
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Ist ATNOLD determined by using regular taxable income,
Ist ATNOLD determined by using regular taxable income, regular taxable income reduced by AMT income,by using AMT income reduced by regular taxable income, or by using AMT income? … read more
Dr. Fiona Chen
Dr. Fiona Chen
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I am trying to find someone with expertise in how to handle
I am trying to find someone with expertise in how to handle filings regarding historic tax credits as it pertains to amended returns and alternative minimum tax. … read more
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My employer gave me a Qualified Stock Option. He explained
Hi,My employer gave me a Qualified Stock Option. He explained to me the aspect of the tax consequences (i.e. the capital gains once I convert to the Stock and sell. However, what I didn't understand i… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,036 satisfied customers
Thank you Lev! Say, during the next tax year, I paid tuition
Thank you Lev!Say, during the next tax year, I paid tuition in the amount of $40,000 for a business degree and wanted to claim it as a work-related educational expense.Please estimate for me my tax re… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,036 satisfied customers
We have a client that has a $900,000 + AGI loss in 2015 and
we have a client that has a $900,000 + AGI loss in 2015 and we want to carryback that to 2013 when a bunch of tax was paid. Can you help us. IRS says we didn't do the 1045 form correctly and where if … read more
Mark Taylor
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Should I use a NOL corp carryback to get zero taxable income?
Do I have to use a NOL corporation carryback to completely reduce taxable income to zero? As it is, the taxable income is 20k, but the tax is zero, thanks to alternative minimum tax and genera busines… read more
Lev
Lev
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Bachelor's Degree Equivalent
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if I am not subject to the ATM can my tax credits be reduced vehicle purchase
if I am not subject to the ATM can my tax credits be reduced for electric vehicle purchase credis… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Is there something called the "alternative minimum capital
Is there something called the "alternative minimum capital gains tax" that is different than the alternative minimum tax?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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does the itemized deduction has limit. Because I have purchased
does the itemized deduction has limit. Because I have purchased a house and have larger property tax. When I increased the tax amount for more deduction and no tax was saved. Please let me know why ?… read more
Dave CPA
Dave CPA
Master's Degree
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How does the alternative minimum tax system differ from the
How does the alternative minimum tax system differ from the regular tax system? How is it similar? Why did Congress implement the alternative minimum tax system? The starting point for computing alter… read more
Lev
Lev
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Bachelor's Degree Equivalent
32,036 satisfied customers
sold a rental unit in 2009 .....had suspended passive losses
sold a rental unit in 2009 .....had suspended passive losses which end up getting subtracted from income on 1040....but, i am subject to amt...do the passive losses get added back in on line 20 of amt… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Hello. I have a couple of question to clarify. Let us consider
Hello. I have a couple of questions to clarify. Please, help. Let us imagine a situation as follows. A US citizen/taxpayer, living and working in the US and having some taxable income from sources in … read more
jgordosea
jgordosea
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Are there any exemptions, other than the home consturction,
Are there any exemptions, other than the home construction exemption, to having to report long term contracts on a percentage of completion basis for the AMT adjustment. Regular taxes are on cash basi… read more
RD
RD
Self Employed
Master's Degree
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Hello. I am 23yr old graduate student. In 2008 I had a fellowship
Hello. I am 23yr old graduate student. In 2008 I had a fellowship totaling $22,768 and a part-time tutoring job that gave me $2,226. My total income was $24, 994. I had my taxes prepared a H & R block… read more
Merlo
Merlo
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Hello. I am 23yr old graduate student. In 2008 I had a fellowship
Hello. I am 23yr old graduate student. In 2008 I had a fellowship totaling $22,768 and a part-time tutoring job that gave me $2,226. My total income was $24, 994. I had my taxes prepared a H & R block… read more
Merlo
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How do I calculate line 27, Alternative tax net operating loss
How do I calculate line 27, Alternative tax net operating loss deduction on Form 6251. I need a formula with definitions for each amount included in the calculation. The instructions do not give enoug… read more
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jgordosea
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