Have you been hit by AMT

[Kamban]

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

How about y'all

[Hatton]

Not so far

[VagabondMD]

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.

[PhysicianOnFIRE]

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

[The White Coat Investor]

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.

[pulmdoc]

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

[MaxPower]

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

[Farfetched]

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

[Lithium]

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.

[SomeRandomGuyOnline]

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

[Megalops]

Yes, this year was about 1500

[pulmdoc]

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.

[DMFA]

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.

[Biglaw Investor]

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).

[Miss Bonnie MD]

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.