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AMT

February 5th, 2015 at 05:08 pm

I finished entering our information into TurboTax last night. (We are still waiting on a couple of donation receipts, so I'm not ready to file yet.) This year we are getting hit with the Alternative Minimum Tax for the first time. To the tune of $6063!

I know it is because of the extra income we received from DH's royalty checks. Thank goodness I thought this might happen, so I had them withhold extra from these payments. In fact, we're still going to get a refund this year. Between federal and state about $3500.

I am grateful for the extra income, and I don't have any problem paying taxes on it. What I don't like about the AMT is that they package it as an "extra" tax that you have to pay on top of your "regular" tax. By labeling it as extra, I can't help but think of what I *could* have done with that "extra" 6K.

2 Responses to “AMT”

  1. snafu Says:

    Chloe, off topic but DIY house maintenance ... I suggest you carry out your plan to list all the small jobs needed, room-by-room. Haul out manual to identify specific repair instruction to accompany a You Tube step-by-step display. You may choose to hire a handyman but at least you will be able to explain what you want and not get ripped off or told it's a much larger project.

    Like CCF, we've been home owners for many years and 1st try to DIY with help from a book, You Tube and/or searching on-line. If we can't do it/fix-it, need special tools or equipment, we'll ask for bids from names we often get from Lowe's, Home Depot specific departments. Changing out a light fixture or tap set is not as difficult as perceived, after DKs are in bed for the night. I think it's more difficult to assemble items from IKEA since the instructions are CHINGLISH.

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