General Discussion

FreeJoe

(1,039 posts) Mon Dec 31, 2012, 04:15 PM Dec 2012

Any word on the AMT?

It seems daft to be this close to tax filing season with this much confusion. My understanding I'd that the IRS has assumed they will patch it and will have lots of work to do if they don't.

3 replies

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Any word on the AMT? (Original Post) FreeJoe Dec 2012 OP

there is no confusion regarding 2012 taxes. unblock Dec 2012 #1

no FreeJoe Dec 2012 #2

well, i've not heard anything about any suggested amt patch applying to 2012. unblock Dec 2012 #3

unblock

(52,243 posts)

1. there is no confusion regarding 2012 taxes.

Reply to FreeJoe (Original post)

Mon Dec 31, 2012, 04:30 PM

Dec 2012

the confusion is regarding income earned in 2013, for which you don't file until april 15, 2014.

in any event, the latest rumor is that there will be a permanent amt patch, not that it's clear what exactly that means, nor is it clear that the house will pass it....

FreeJoe

(1,039 posts)

2. no

Reply to unblock (Reply #1)

Mon Dec 31, 2012, 04:53 PM

Dec 2012

There is a lot of confusion about the 2012 AMT. The IRS is expecting it to be patched with the exemption going up to 70 something thousand, but if no patch is passed, the exemption will only be $40,000. That would mean considerable delays in tax filing and about 20 million more purple having to pay the AMT.

unblock

(52,243 posts)

3. well, i've not heard anything about any suggested amt patch applying to 2012.

Reply to FreeJoe (Reply #2)

Mon Dec 31, 2012, 04:59 PM

Dec 2012

i wouldn't mind being proven wrong, but the only rumors i've even heard regarding any amt patch is for 2013 and forward.

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