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FarCenter

(19,429 posts)

4. It's more like gross than taxable, since a number of deductions are added back in

Reply to aikoaiko (Reply #1)

Sun Dec 2, 2012, 10:28 PM

Dec 2012

See IRS Form 6251 and Instructions, but note that the standard deductions for 2011 would not apply since they reflected the "AMT Patch" for 2011, which would not be in effect for 2012 unless congress acts to re-implement a patch.

In particular, state and local tax deduction and parts of medical and mortgage interest deductions are added back in before the AMT calculation.

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Highlight:

‘Fiscal Cliff’ Could Put Millions of Taxpayers Into ‘AMT Shock’ [View all] FarCenter Dec 2012 OP

Is single filer at $48,450 and joint filers at $74,450 gross or taxable income? aikoaiko Dec 2012 #1

It's more like gross than taxable, since a number of deductions are added back in FarCenter Dec 2012 #4

and if they have to wait until the new Congress comes in to get something done so be it /nt still_one Dec 2012 #2

The new Congress is essentially the same as the old Congress FarCenter Dec 2012 #5

I disagree. Not only do we have a 10 lead advantage in the Senate, we picked up seats in the house. still_one Dec 2012 #6

If anything, the next congress will be more polarized FarCenter Dec 2012 #7

Fiscal cliff fear ProSense Dec 2012 #3