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Have you been hit by AMT

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  • Have you been hit by AMT

    Due to the deductions of state income on our federal taxes we have been hit with AMT every year.

    How about y'all

  • #2
    Not so far

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    • #3
      I have had some close calls and one year that I recall paying a de minimis penalty but generally have not been subject to AMT.

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      • #4
        Yep -- pretty sure I've paid the AMT every year since my first full year after residency.

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        • #5
          Never paid it. Now I make too much (and pay too much ) to be anywhere near AMT-land.

          For the few years when my income was in AMT-land it seemed that most of my deductions were good under either system.
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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          • #6
            Paid it first year transitioning from fellowship to attending. Now make too much.

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            • #7
              Yes. This year and last year (first full two calendar years as attending) to the tune of around $5,500.

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              • #8
                Please elaborate. I was under the impression all high income earners are subjected to AMT. how does making too much avoid AMT? I am obviously missing something and brief googling is not giving me the right answers. Thanks

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                • #9
                  Paid it last two years in full attendinghood, to the tune of between $1500 and $2000.  Scared to death of what it will look like once my mortgage is paid off.
                  I sometimes have trouble reading private messages on the forum. I can also be contacted at [email protected]

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                  • #10
                    Yes. Paid AMT this year and last year. Didn't in 2014, but that's when I graduated from residency.

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                    • #11
                      Yes, this year was about 1500

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                      • #12
                        AMT sets a floor on your tax rate, designed to ensure that high earners don't end up paying no taxes due to having lots of deductions. I pay more in taxes than I would under the AMT floor, therefore I am technically not subject to AMT. Hope that explains it.

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                        • #13
                          AMT (alternative minimum tax) I believe tends to put the minimum around the mid- to high-20s for a ways. Therefore the lower incomes won't hit it.

                          Once you're in 39.6%, it's going to be very hard to get that many deductions to lower your effective tax rate that far to trigger it.

                          On the other hand, if you're in 33% or maybe 35%, you're more likely to be in the window to hit it. We'll probably hit it next year since this year we seem to have been just barely below it.

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                          • #14
                            Yep, I believe I've been hit by the AMT every year that I've worked. Would love to accelerate out of it at some point. Seems like most people that live in a high tax state like I do get hit with AMT (I live in NYC).

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                            • #15
                              I was really surprised I paid AMT this year - only a few hundred bucks, but still. I live in NY, so high state taxes, this is what I think put me in the AMT category. I don't have mortgage interest to deduct. I'm not a super high earner and maxed 2 x pre-tax retirement accounts too. Oh well.

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