Comments on: 2008 Tax Year AMT Brackets

By: Mike D

Mike D — Tue, 19 May 2009 19:40:23 +0000

Crud. I read your charts again. They make sense now. Anything btw 225K and 429K gets AMT rate of 35%.

My bad! Thanks!

By: Mike D

Mike D — Tue, 19 May 2009 19:36:43 +0000

Hi,

Thanks for your posts on this subject. I think I'm catching on but I don't quite have it.

I'm practicing with 2008 tax software. I have a MFJ with $300K AGI. I see they're in the 35% AMT rate. (every dollar I add to AGI gets me 35 cents more in tax. every dollar I add to their mortgage interest deduction in Schedule A causes the tax bill to drop by 35 cents.)

Is my software wrong? Or is it the exemption phaseout you mentioned in the 2007 version of this post?

If the exemption phaseout is hitting them with 35% AMT rates, then what's the point of the AGI ranges in your post here?

Thanks again!

By: TFB

TFB — Mon, 13 Apr 2009 03:32:13 +0000

Nick – For married filing separately, use 50% of the numbers for married filing jointly.

By: Nick

Nick — Sun, 12 Apr 2009 15:37:18 +0000

Do you have the brackets for Married Filing Separately as well?

By: Bozo

Bozo — Wed, 08 Oct 2008 19:43:43 +0000

Saw one of your posts on Diehards, and I thought I'd drop in.

For those interested in comparing their estimated "normal" tax with the AMT, H&R Block has a nice calculator. You plug in your data, click "calculate", and the calculator shows whether you might owe AMT and, if so, how much. It also calculates your "regular" tax with a side-by-side comparison. You'll find the calculator at hrblock.com.

Yours,

Bozo

By: TFB

TFB — Mon, 06 Oct 2008 16:10:58 +0000

These are AMT brackets. For people who are outside of the top phase-out range, they may not pay AMT any more. Their regular tax bracket may be higher than their AMT bracket.

By: James

James — Mon, 06 Oct 2008 15:19:15 +0000

If I read this right, the 3rd & 4th brackets pay more in taxes than the highest bracket? Huh?