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sue36_gw

I got stuck paying Alternative Minimum Tax

sue36
18 years ago

How is this possible!!! We had to file for an extension because the accountant forgot some deductions. I just got around to looking at the revised taxes and see that I have to pay AMT. I am SO peeved I could scream.

I made less money in 2004 than 2003. But now I have RE taxes ($2000, not much), mortgage insurance (both of which I had in 2003 also) and some education expenses. I didn't have to pay much extra, but I can only imagine it will get worse. We are building, so the taxes and mortgage will jump in 2005. I am 37 and always payed the maximum in taxes based on my income because I had no deductions - no dependents, no RE taxes, no mortgage insurance. Now that I have these things I get penalized. This kills me. And no, I do not make a lot of money. In fact, DH and I barely get by. We have no kids, no second mortgage and we didn't exercise any stock options.

Are they going to fix this thing or what?

Here is a link that might be useful: AMT Story

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