AMT provisions expiry end of 2011.... - Chicagoland Sportbikes
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post #1 of 5 (permalink) Old 03-29-2012, 11:58 AM Thread Starter
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AMT provisions expiry end of 2011....

Two separate provisions impacting the alternative minimum tax (AMT) will expire at the end of 2011. First, 2011 will be the last year when personal tax credits will be allowed to offset both the regular tax and the AMT. For 2012 and future years, tax credits will offset the regular income tax, but not any alternative minimum tax.
Secondly, the temporarily patched exemptions for the alternative minimum tax will end in 2011. For 2012 and future years, the AMT exemption amounts will revert to a lower statutory amounts ranging from $22,500 to $45,000. This will result in more taxpayers being subject to the AMT, and will increase the adjustments for taxpayers already subject to the AMT.




When the He!! are they going to deal with this???
I was informed by my accountant that, if there is no extension or modification to these provisions passed, I'm going to have to make quarterly tax payments to avoid paying penalties for not being 90% paid up in a quarter. This is complete BS! The AMT was originally meant to hit the rich when 22-45k per/yr was considered "wealthy" This was a VERY long time ago! Bunch of do nothings in government right now on both sides of the table. When is the Social Media going to rise up and give us a candidate for the people? Not that it'll help, the baby boomer generation needs to step aside first. We all know that's not going to happen until they bleed future generations dry for their own entitlements!!

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post #2 of 5 (permalink) Old 03-29-2012, 04:48 PM
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Social Media isn't the savior. All it's interested in is the advertising dollars. They won't support or enable any political upheaval here that will threaten the ad revenue.


There have been many permanent fixes for AMT introduced, but none has gotten enough votes to get passed by both houses of Congress. It's always held hostage to some other political end.

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post #3 of 5 (permalink) Old 03-29-2012, 04:58 PM
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post #4 of 5 (permalink) Old 04-09-2012, 12:02 PM
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my semi-retired dad is forced to pay AMT this year for first time, thanks obama, i guess that means we're rich now
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post #5 of 5 (permalink) Old 04-09-2012, 01:25 PM
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Quote:
Originally Posted by elroy121 View Post
my semi-retired dad is forced to pay AMT this year for first time, thanks obama, i guess that means we're rich now
Yeah..... because Obama signed the bill into law.

Quote:
A predecessor Minimum Tax, enacted in 1969, imposed an additional tax on certain tax benefits for certain taxpayers. The present AMT was enacted in 1982 and limits tax benefits from a variety of deductions. The thresholds at which AMT begins to apply are not automatically adjusted for inflation, as are regular tax thresholds, but Congress has made frequent legislative adjustments.
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