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2008 AMT Exemptions
Q:
Subject: any update on AMT for 2008?
Just trying to get a handle on what my liability will be. Last year we crept over the line and we subject to AMT for the first time. I suspect we will be again this year, but would like to get a better fix on how big it will be.
thx
A:
As part of the big bail-out bill that was passed last month, the AMT exemption amounts were increased for 2008 to:
$46,200 for people filing as Single or Head of Household
$69,960 for Married Filing Joint or Qualifying Widow
$34,975 for Married Filing Separate
As it stands now, these amounts will drop for 2009 to:
$33,750 for people filing as Single or Head of Household
$45,000 for Married Filing Joint or Qualifying Widow
$22,500 for Married Filing Separate
Whether those figures will be changed is completely up in the air now that we have an anti-success Socialist administration ready to take over control of the tax code next year.
You can download the complete 24+ page pdf summary of the latest tax bill from The TaxBook at:
www.thetaxbook.com/updates/thetaxauthority_update_service/pdf/bulletin/10-10-2008_update.pdf
Good luck. I hope this helps.
Kerry Kerstetter
Labels: AMT
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 11/12/2008 11:49:00 AM Send this post:
