Discussion:Minimizing total AMT on MFS returns
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Discussion Forum Index --> Advanced Tax Questions --> Minimizing total AMT on MFS returns
Discussion Forum Index --> Tax Questions --> Minimizing total AMT on MFS returns
| 14 March 2008 | |
| Why MFS? 1. In Ohio you can save state income tax where incomes are about equal. 2. On federal you can sometimes salvage some child tax credit. I have two returns that due to many kids and high mortgage interest, taxes etc. the AMT kicks in. This happens even with a couple whose incomes are about $60,000 each. I am trying to shift deductions to achieve the owest possibel AMT betwene the two but it seem that whn I reduce the deductions the AMT actually goes up. Maybe that is because they are in the 15% (the $60,000 each couple) or 25% bracket (the $100,000 each couple) but the AMT is 26% so this is a losing endeavor. Is the key to get one of the returns totally out of AMT territory and let the other pay whatever it is? No automated way to do this in Proseries that I can think of. | |
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