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Malcolm
2008 Feb 22, 2:41am
DinOR Says:
February 22nd, 2008 at 8:01 am
"Malcom,
On Turbo (and Tax-Cut) they both search for updates (I assume primarily for the AMT Patch) and I have (2) differing results? Anyone else run into “I am, I might/might not be in the AMT?†Just curious."
I'm holding off on hitting submit for my taxes til a little later, but the software is very good. AMT is not affecting me this year, but somehow it is the only doubt I have as well since I of course don't want to miss out on any rebate of it which is one of the questions about prior year AMT. My actual AMT tax a couple of years back was a little under $2,000 but in a way it was good because for some reason it caused my tax person to not have to add back in my state refund from that year which I never understood. I didn't have AMT last year, but that phrase prior years has me doing a little research. I've simplified my situation a lot and have found tax advice to be a self fulfilling cycle. I actually overcontributed to an IRA a couple of years ago (didn't know you needed earned income, I make mainly passive income) and would have paid the 6% penalty again but then TaxAct had a suggestion of just withdrawing the excess. No preparer, not even my original CPA said to do that, I just ran down to the bank yesterday and filled out a simple form specifically for excess contributions.
Malcolm
2008 Feb 22, 2:43am
Actually I think I remember why the state tax refund didn't need to go back in, because AMT replaces the itemized deductions which is what the state taxes paid are normally deducted from and then the refund is added the following year. Yikes! See it's not all fun and games.
@Malcolm:
Yeah, with regard to public schools and the money crunch there--one does wonder what the heck they are doing with the high Cali income taxes and the high Cali sales taxes. Something is deeply wrong somewhere.
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*pun courtesy of CalculatedRisk
Intractable social problem: meet opportunity.
Some homeless turn to foreclosed homes
There have been several posts from yours truly contemplating this very idea, and now it looks like the word is out on the street and being put into practise. Could there be a more perfect, complementary "market-based" solution to the twin problems of: a) homelessness, and b) housing bubble oversupply?
Personally, I wouldn't object to having some of my tax dollars diverted to formalizing the "Bandos" into a legitimate form of public housing (with appropriate oversight by law enforcement and building inspectors, of course). It sure beats maintaining the status quo on both fronts: skid row/downtown areas overrun with stinky homeless people urinating, shooting up, and prostituting themselves in public; and depopulated suburban Specuvestor cities replete with mosquito-infested swimming pools and McMansions being turned into gang 'safe houses' and crack/meth factories.
HARM
#housing