g*******t
发帖数: 1039 | 1 I am using turbo tax to do the tax, and got this problem:
I paid property tax ~11,000, I expect to see a lot of taxes deducted after I
enter this number, but end up I only got ~250 tax less (I expect something
like $2500)
what could be wrong?
(the stupid Turbo tax say: good news: you qualify for a property tax
deduction of 11000) (11000 is my property tax amount)
many thanks! | h*******s
发帖数: 3932 | 2 Did you hit AMT?
I
something
【在 g*******t 的大作中提到】
: I am using turbo tax to do the tax, and got this problem:
: I paid property tax ~11,000, I expect to see a lot of taxes deducted after I
: enter this number, but end up I only got ~250 tax less (I expect something
: like $2500)
: what could be wrong?
: (the stupid Turbo tax say: good news: you qualify for a property tax
: deduction of 11000) (11000 is my property tax amount)
: many thanks!
| g*******t
发帖数: 1039 | 3 Thanks for the reply - I don't know. How can I check this?
just played with the number, in the property tax box, I enter 1k, 1.5k 2k ..
. I found after 1.5K, no tax due change anymore
so sounds like AMT?
which means buying house does not give me any tax benefit?!
【在 h*******s 的大作中提到】
: Did you hit AMT?
:
: I
: something
| S***l
发帖数: 383 | 4 it's classic AMT.
you can't deduct many things once it's hit.
..
【在 g*******t 的大作中提到】
: Thanks for the reply - I don't know. How can I check this?
: just played with the number, in the property tax box, I enter 1k, 1.5k 2k ..
: . I found after 1.5K, no tax due change anymore
: so sounds like AMT?
: which means buying house does not give me any tax benefit?!
| A*******e
发帖数: 34 | | q**j
发帖数: 10612 | 6 of course it is AMT. Very normal. | q**j
发帖数: 10612 | 7 But the way, your state tax should go down a bit. | g*******t
发帖数: 1039 | 8 Please help me to understand
for example, if family AGI is 200k
AMT = ($150,000-$70,951)*.26 + (200000-150000)*.325
and that's the minimum tax this family need to pay, regardless anything else?
That means most bay area chinese double income family will be hit, right?
【在 A*******e 的大作中提到】
: 人工算一下AMT就知道是不是了。
| M********8
发帖数: 3837 | 9 Depends on the trigger.
There are families above $250K that don't hit, and there are families that
are in the $90K range hitting AMT. The typical triggers are big deductions
like property tax and medical cost and some other obscure deductions. People
who HELOC'd for purpose other than home improvement are almost guaranteed
of hitting AMT.
The purpose of AMT is to limit deductions.
else?
【在 g*******t 的大作中提到】
: Please help me to understand
: for example, if family AGI is 200k
: AMT = ($150,000-$70,951)*.26 + (200000-150000)*.325
: and that's the minimum tax this family need to pay, regardless anything else?
: That means most bay area chinese double income family will be hit, right?
| g*******t
发帖数: 1039 | 10 The weird part for my case is that I don't have much deductibles.
The house (1 mortgage + property tax) almost is the only thing (and CA
state tax), and I cannot take deduction using property tax...
so you're saying the calculation (for a 200k AGI)
AMT = ($150,000-$70,951)*.26 + (200000-150000)*.325
is not correct?
People
【在 M********8 的大作中提到】
: Depends on the trigger.
: There are families above $250K that don't hit, and there are families that
: are in the $90K range hitting AMT. The typical triggers are big deductions
: like property tax and medical cost and some other obscure deductions. People
: who HELOC'd for purpose other than home improvement are almost guaranteed
: of hitting AMT.
: The purpose of AMT is to limit deductions.
:
: else?
| | | f*****a
发帖数: 781 | 11 你买房前为什么不调查清楚？AMT will eliminate most of your tax deductions.
【在 g*******t 的大作中提到】
: The weird part for my case is that I don't have much deductibles.
: The house (1 mortgage + property tax) almost is the only thing (and CA
: state tax), and I cannot take deduction using property tax...
: so you're saying the calculation (for a 200k AGI)
: AMT = ($150,000-$70,951)*.26 + (200000-150000)*.325
: is not correct?
:
: People
| M********8
发帖数: 3837 | 12 The AMT tax rate for 2009 is 26% for up to $175K of AMT taxable and 28%
beyond. So I don't know where you $150K comes from.
I use Tax Cut. | g*******t
发帖数: 1039 | 13 from this web site
http://thefinancebuff.com/2009/03/2009-amt-tax-brackets.html
notice that 32.5% and 35% bracket?
Married Filing Jointly Single or Head of Household AMT Income QD
& LTCG*
$0 – $70,950 $0 – $46,700 0% 0%/15%
$70,951 – $150,000 $46,701 – $112,500 26% 15%
$150,001 – $226,760 $112,501 – $199,860 32.5% 21.5%
$226,761 – $433,800 $199,861 – $299,300 35% 22%
$433,801 or more $299,301 or more 28% 15%
【在 M********8 的大作中提到】
: The AMT tax rate for 2009 is 26% for up to $175K of AMT taxable and 28%
: beyond. So I don't know where you $150K comes from.
: I use Tax Cut.
| l**n
发帖数: 2405 | 14 你的房子是现金购买的？否则贷款的利息少说有也好几万也是抵税的呀。 | M********8
发帖数: 3837 | 15 The guy is doing his guestimate of AMT based on phase out not exactly
knowing your exemption amount, which includes your mortgage interest. I won'
t bother with that.
If you have doubts, just go straight to the source and compute the exact
amount based on 6251
http://www.irs.gov/pub/irs-pdf/f6251.pdf
QD
【在 g*******t 的大作中提到】
: from this web site
: http://thefinancebuff.com/2009/03/2009-amt-tax-brackets.html
: notice that 32.5% and 35% bracket?
: Married Filing Jointly Single or Head of Household AMT Income QD
: & LTCG*
: $0 – $70,950 $0 – $46,700 0% 0%/15%
: $70,951 – $150,000 $46,701 – $112,500 26% 15%
: $150,001 – $226,760 $112,501 – $199,860 32.5% 21.5%
: $226,761 – $433,800 $199,861 – $299,300 35% 22%
: $433,801 or more $299,301 or more 28% 15%
| p******t
发帖数: 1598 | 16 you hit amt
I
something
【在 g*******t 的大作中提到】
: I am using turbo tax to do the tax, and got this problem:
: I paid property tax ~11,000, I expect to see a lot of taxes deducted after I
: enter this number, but end up I only got ~250 tax less (I expect something
: like $2500)
: what could be wrong?
: (the stupid Turbo tax say: good news: you qualify for a property tax
: deduction of 11000) (11000 is my property tax amount)
: many thanks!
| M********8
发帖数: 3837 | 17 Did you exercise options last year? That is a typical AMT trigger event,
regardless of amount.
【在 g*******t 的大作中提到】
: The weird part for my case is that I don't have much deductibles.
: The house (1 mortgage + property tax) almost is the only thing (and CA
: state tax), and I cannot take deduction using property tax...
: so you're saying the calculation (for a 200k AGI)
: AMT = ($150,000-$70,951)*.26 + (200000-150000)*.325
: is not correct?
:
: People
| h*******s
发帖数: 3932 | 18 higher (but not TOO high) income + bigger deduction -> easier AMT hit. Get a
turbotax and let it figure for you is the easiest way.
..
【在 g*******t 的大作中提到】
: Thanks for the reply - I don't know. How can I check this?
: just played with the number, in the property tax box, I enter 1k, 1.5k 2k ..
: . I found after 1.5K, no tax due change anymore
: so sounds like AMT?
: which means buying house does not give me any tax benefit?!
| d**********t
发帖数: 375 | 19 恭喜你，你hit amt了，正式加入有钱人行列。 | n****q
发帖数: 464 | 20 Can anyone give an example for how to hit AMT?
【在 M********8 的大作中提到】
: The guy is doing his guestimate of AMT based on phase out not exactly
: knowing your exemption amount, which includes your mortgage interest. I won'
: t bother with that.
: If you have doubts, just go straight to the source and compute the exact
: amount based on 6251
: http://www.irs.gov/pub/irs-pdf/f6251.pdf
:
: QD
| | | Z****e
发帖数: 2999 | 21 earn more money or come up with big deductions...
【在 n****q 的大作中提到】
: Can anyone give an example for how to hit AMT?
| n****q
发帖数: 464 | 22 How more and how big?
【在 Z****e 的大作中提到】
: earn more money or come up with big deductions...
| g*******t
发帖数: 1039 | 23 you said
>> or come up with big deductions...
This part is wrong, I believe, after some readings this afternoon.
As matter of fact, it is the deduction that triggers AMT ...
I am dying to know how to avoid hitting AMT (for next year) - in previous
post someone said "someone earn 25W, without hitting AMT" - it seems to me
that if one earns 25W (AGI), there is no way to avoid it, unless his regular
tax is more than AMT.
【在 Z****e 的大作中提到】
: earn more money or come up with big deductions...
| M********8
发帖数: 3837 | 24 There are ways, which may not be available to everyone, to avoid it even if
you make close to $500K.
http://articles.sfgate.com/2007-12-23/business/17275063_1_amt-tax-policy-center-personal-exemption
"For couples earning $200,000 to $500,000, almost 83 percent with children
owed AMT, versus 64 percent without kids."
You need to live in a state with almost no income tax, have a very small
mortgage balance (or paid off) and a very modest property tax, and fewer
than 2 kids.
For those who live in C
【在 g*******t 的大作中提到】
: you said
: >> or come up with big deductions...
: This part is wrong, I believe, after some readings this afternoon.
: As matter of fact, it is the deduction that triggers AMT ...
: I am dying to know how to avoid hitting AMT (for next year) - in previous
: post someone said "someone earn 25W, without hitting AMT" - it seems to me
: that if one earns 25W (AGI), there is no way to avoid it, unless his regular
: tax is more than AMT.
| g*******t
发帖数: 1039 | 25 great info - thanks a lot
unfortunately, none of these apply to me. I checked form 6251, understood
this thing a bit more now. Moving to Texas might be a solution.
California sucks. my CA effective tax rate is 9.6% (per turbo tax), what the
heck? how could that be? (I am living with income way under "pin-kun-xian",
so no BSO comments)
if
with
【在 M********8 的大作中提到】
: There are ways, which may not be available to everyone, to avoid it even if
: you make close to $500K.
: http://articles.sfgate.com/2007-12-23/business/17275063_1_amt-tax-policy-center-personal-exemption
: "For couples earning $200,000 to $500,000, almost 83 percent with children
: owed AMT, versus 64 percent without kids."
: You need to live in a state with almost no income tax, have a very small
: mortgage balance (or paid off) and a very modest property tax, and fewer
: than 2 kids.
: For those who live in C
| M********8
发帖数: 3837 | 26 就算有AMT, 美国加州的总实际税率还是比很多国家低，包括天朝。吃工资的人哪里都
没法少缴税。
加拿大有GST, 联邦税，澳州年收入8万以上就40%了，前面两个国家都是买房利息还不
扣税，欧洲更加不要说，动辄50%以上的税率。我有个才从澳洲举家搬来工作的朋友，
碰了AMT还说比澳洲税低，good deal。就算是天朝，要是这里的双职工工资按按照天朝
的税表来缴，8万人民币/月以上都按40%来算，一样要给医疗养老福利纳税，而且还没
有任何减免。
我不是说AMT好，但是放在所有的国家里面看，美国的个人税率除了免税天堂外还是最
低的之一。
the
",
【在 g*******t 的大作中提到】
: great info - thanks a lot
: unfortunately, none of these apply to me. I checked form 6251, understood
: this thing a bit more now. Moving to Texas might be a solution.
: California sucks. my CA effective tax rate is 9.6% (per turbo tax), what the
: heck? how could that be? (I am living with income way under "pin-kun-xian",
: so no BSO comments)
:
: if
: with
|
|
