Art Posted July 10, 2008 Report Share Posted July 10, 2008 I was doing a 2008 tax projection for a new client (AGI $ 355,314 with LTCG of $ 300,000 MFJ) and I noticed that the AMT tax calcuation did not appear to work properly. Specifically the exemption amount for Part II line 29 was returning a zero value. The worksheet for line 29 exemption amount was showing a value of $ 45,000 which I am questioning. The value for 2007 was $ 66,250. Has anyone else noticed this? or I am in error here? I would appreciate feedback from others on this forum. Thanks. Quote Link to comment Share on other sites More sharing options...
Art Posted July 10, 2008 Author Report Share Posted July 10, 2008 Oops! My bad. I forgot that the exepmtion amount is scheduled to revert to the 2000 yr level unless new legislation is passed. Still the computation of AMT on line 31 of Part II says "If line 30 is <$175,000 ($87,500 MFS), multiply line 30 by 26% Otherwise, multiply by 28%, and subtract $3,500 ($1750 MFS). The amount on line 30 is $ 355,314. The program is calculating $ 54,837 for line 31 for AMT. I don't follow. What am I missing? Quote Link to comment Share on other sites More sharing options...
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