l********d
发帖数: 443 | 1 Exemption amounts for AMT will be slashed almost half next year (if no more
tax relief act is passed). Exemption phase-out starts at $150,000 for
married filing jointly.
AMT Exemption Amounts for 2011
Legislated as part of the 2010 Tax Relief Act:
$48,450 for single and head of household filers,
$74,450 for married people filing jointly and for qualifying widows or
widowers, and
$37,225 for married people filing separately.
AMT Exemption Amounts for 2012
The alternative minimum tax exemption amounts for 2012 are scheduled to
revert to the following levels:
$33,750 for single and head of household filers,
$45,000 for married people filing jointly and for qualifying widows or
widowers, and
$22,500 for married people filing separately.
Source: Code Section 55(d)(1). Lower exemption levels mean that more
taxpayers will be subject to the alternative minimum tax calculations. |
j***a
发帖数: 10844 | 2 It's going to hit more and more people for sure.
Can you explain the two numbers here?
Exemption phase-out starts at $150,000 for married filing jointly.
vs
$74,450 for married people filing jointly and for qualifying widows or
widowers, and
more
【在 l********d 的大作中提到】
: Exemption amounts for AMT will be slashed almost half next year (if no more
: tax relief act is passed). Exemption phase-out starts at $150,000 for
: married filing jointly.
: AMT Exemption Amounts for 2011
: Legislated as part of the 2010 Tax Relief Act:
: $48,450 for single and head of household filers,
: $74,450 for married people filing jointly and for qualifying widows or
: widowers, and
: $37,225 for married people filing separately.
: AMT Exemption Amounts for 2012
|
l********d
发帖数: 443 | 3 exemption = 74,450 for AAGI <=150,000
exemption = 0 for AAGI >= 439,xxx
exemption linearly reduced in between
Is that what you were asking?
【在 j***a 的大作中提到】
: It's going to hit more and more people for sure.
: Can you explain the two numbers here?
: Exemption phase-out starts at $150,000 for married filing jointly.
: vs
: $74,450 for married people filing jointly and for qualifying widows or
: widowers, and
:
: more
|
j***a
发帖数: 10844 | 4 Yes, thanks!
Does this mean if the AGI is less than 150,000, there will be no AMT?
Would deduction play a role also?
【在 l********d 的大作中提到】
: exemption = 74,450 for AAGI <=150,000
: exemption = 0 for AAGI >= 439,xxx
: exemption linearly reduced in between
: Is that what you were asking?
|
g*******n
发帖数: 12458 | |
j***a
发帖数: 10844 | 6 你不是到了吗？
按这上面说的，你2011就有。
【在 g*******n 的大作中提到】
: 这些都是富人的烦恼
|
c*h
发帖数: 33018 | 7 不懂，JIAWA，你能否举一个例子（用中文），比一比2011喝012的差别？
【在 j***a 的大作中提到】
: Yes, thanks!
: Does this mean if the AGI is less than 150,000, there will be no AMT?
: Would deduction play a role also?
|
g*******n
发帖数: 12458 | 8 我们今年有小孩子daycare 5000刀免税，老公和我存满401k，多一个孩子+claim我婆婆
，我对明年的报税很乐观。
【在 j***a 的大作中提到】
: 你不是到了吗？
: 按这上面说的，你2011就有。
|
j***a
发帖数: 10844 | 9 哈哈，其实也差不了多少啦。AMT没那么可怕。
不过对你来说，放满401k会有帮助，多一个孩子和+其他dependent会更容易hit AMT （就是这里说的examption的含义）。
【在 g*******n 的大作中提到】
: 我们今年有小孩子daycare 5000刀免税，老公和我存满401k，多一个孩子+claim我婆婆
: ，我对明年的报税很乐观。
|
j***a
发帖数: 10844 | 10 简单的说就是更容易hit。
例子？
就是11年能抵2个娃，12年只能抵1个了。
【在 c*h 的大作中提到】
: 不懂，JIAWA，你能否举一个例子（用中文），比一比2011喝012的差别？
|
|
|
c*h
发帖数: 33018 | 11 送你一个娃？
【在 j***a 的大作中提到】
: 简单的说就是更容易hit。
: 例子？
: 就是11年能抵2个娃，12年只能抵1个了。
|
g********0
发帖数: 15010 | 12 2个娃, each parent uses one and then file separate. deal done.
Then find a reason to file separate
【在 j***a 的大作中提到】
: 简单的说就是更容易hit。
: 例子？
: 就是11年能抵2个娃，12年只能抵1个了。
|
j***a
发帖数: 10844 | 13 看来也只能这样了。
【在 c*h 的大作中提到】
: 送你一个娃？
|
l********d
发帖数: 443 | 14 you can still hit AMT with lower AAGI, although the chance is slim (only if
you have incredibly high deductions). Remember AMT is a parallel tax system
that is calculated for everyone. Most people don't know about its
existence because their regular tax (non-AMT tax) is always higher.
【在 j***a 的大作中提到】
: Yes, thanks!
: Does this mean if the AGI is less than 150,000, there will be no AMT?
: Would deduction play a role also?
|
j***a
发帖数: 10844 | 15 Make sense. Thanks for the heads up.
if
system
【在 l********d 的大作中提到】
: you can still hit AMT with lower AAGI, although the chance is slim (only if
: you have incredibly high deductions). Remember AMT is a parallel tax system
: that is calculated for everyone. Most people don't know about its
: existence because their regular tax (non-AMT tax) is always higher.
|
l********d
发帖数: 443 | 16 your before-tax contributions do help with reducing AGI, and thus negating
AMT. But having more dependents is actually pro AMT, because you are
claiming for exemptions.
AMT is generally caused by two factors (1) high income (AGI), (2) high below
-the-line deductions (including exemptions).
【在 g*******n 的大作中提到】
: 我们今年有小孩子daycare 5000刀免税，老公和我存满401k，多一个孩子+claim我婆婆
: ，我对明年的报税很乐观。
|
j***a
发帖数: 10844 | 17 No, this won't help unless one of the parents can file as head of household
as rabbit did. Or as I said before, one's income is significantly less than
the other one.
Well, it's complicated. And you do what you can. I would not worry too much about it.
【在 g********0 的大作中提到】
: 2个娃, each parent uses one and then file separate. deal done.
: Then find a reason to file separate
|
l********d
发帖数: 443 | 18 You can always file separetely (as long as both of you will use itemized
deduction). However, the question is whether it really helps. The tax
system is generally pro MFJ, and against MFS.
That said, if by filing separately, one could escape AMT, then it probably
makes sense to do it. Let the AMT one take the mortgage interest and
donations, while the other take the property tax. But be careful about
doing this trick as it's not entirely clear if you can separate the interest
and property tax this way if your home is a community property.
【在 g********0 的大作中提到】
: 2个娃, each parent uses one and then file separate. deal done.
: Then find a reason to file separate
|
g********0
发帖数: 15010 | 19 How about both file as HofH?
like legal separation.
household
than
much about it.
【在 j***a 的大作中提到】
: No, this won't help unless one of the parents can file as head of household
: as rabbit did. Or as I said before, one's income is significantly less than
: the other one.
: Well, it's complicated. And you do what you can. I would not worry too much about it.
|
g********0
发帖数: 15010 | 20 There is also something called marriage punishment.
interest
【在 l********d 的大作中提到】
: You can always file separetely (as long as both of you will use itemized
: deduction). However, the question is whether it really helps. The tax
: system is generally pro MFJ, and against MFS.
: That said, if by filing separately, one could escape AMT, then it probably
: makes sense to do it. Let the AMT one take the mortgage interest and
: donations, while the other take the property tax. But be careful about
: doing this trick as it's not entirely clear if you can separate the interest
: and property tax this way if your home is a community property.
|
|
|
l********d
发帖数: 443 | 21 it's actually called "marriage penalty."
yes, the system favors single over married (and both working) couple. What
I was saying is once you are married, it prefers you to file MFJ, rather
than MFS.
【在 g********0 的大作中提到】
: There is also something called marriage punishment.
:
: interest
|
l********d
发帖数: 443 | 22 By the way, how is effective tax rate calculated? I thought it should be
Tax/AGI?
Turbo tax gives me an ETR of 11.xx%, which makes totally no sense. |
j***a
发帖数: 10844 | 23 This is used to compare with others (general population) and it tells the
tax other people would pay with the same AGI. 11% sounds low to me.
【在 l********d 的大作中提到】
: By the way, how is effective tax rate calculated? I thought it should be
: Tax/AGI?
: Turbo tax gives me an ETR of 11.xx%, which makes totally no sense.
|
j***a
发帖数: 10844 | 24 http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=
This would give you an idea. I think IRS use this number to screen the
returns. It will raise a flag if the number is off too much.
【在 l********d 的大作中提到】
: By the way, how is effective tax rate calculated? I thought it should be
: Tax/AGI?
: Turbo tax gives me an ETR of 11.xx%, which makes totally no sense.
|
g********0
发帖数: 15010 | 25 thanks for the info. it took you some time to find it.
【在 j***a 的大作中提到】
: http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=
: This would give you an idea. I think IRS use this number to screen the
: returns. It will raise a flag if the number is off too much.
|
l********d
发帖数: 443 | 26 Really? Turbo Tax gives you "a national average" at the summary section of
YOUR return?
【在 j***a 的大作中提到】
: This is used to compare with others (general population) and it tells the
: tax other people would pay with the same AGI. 11% sounds low to me.
|
j***a
发帖数: 10844 | 27 That's what I remembered. Did not pay attention this time. I did see my number and it's been very close for the last few years. Not the national
average, but the one in your income range. Not sure if it's from Turbotax since I used Taxcut before as well.
BTW, I got my refund today!
【在 l********d 的大作中提到】
: Really? Turbo Tax gives you "a national average" at the summary section of
: YOUR return?
|
l********d
发帖数: 443 | 28 Congratulations!
number and it's been very close for the last few years. Not the national
since I used Taxcut before as well.
【在 j***a 的大作中提到】
: That's what I remembered. Did not pay attention this time. I did see my number and it's been very close for the last few years. Not the national
: average, but the one in your income range. Not sure if it's from Turbotax since I used Taxcut before as well.
: BTW, I got my refund today!
|
g********0
发帖数: 15010 | 29 Just got your refund? when did you file? I got my Fed and state in days this
year. They are fast this year.
number and it's been very close for the last few years. Not the national
since I used Taxcut before as well.
【在 j***a 的大作中提到】
: That's what I remembered. Did not pay attention this time. I did see my number and it's been very close for the last few years. Not the national
: average, but the one in your income range. Not sure if it's from Turbotax since I used Taxcut before as well.
: BTW, I got my refund today!
|
j***a
发帖数: 10844 | 30 About two weeks ago. Accepted in 40 minutes. Mailed the state return after
but got the state refund first.
this
【在 g********0 的大作中提到】
: Just got your refund? when did you file? I got my Fed and state in days this
: year. They are fast this year.
:
: number and it's been very close for the last few years. Not the national
: since I used Taxcut before as well.
|
|
|
g********0
发帖数: 15010 | 31 I got both in about 3 days. I filed state on MD's website. It gives you the
numbers you can compare with the data in the TurboTax generated form. It is
very simple. You can try next year.
【在 j***a 的大作中提到】
: About two weeks ago. Accepted in 40 minutes. Mailed the state return after
: but got the state refund first.
:
: this
|
j***a
发帖数: 10844 | 32 Sounds good. Will try next time.
the
is
【在 g********0 的大作中提到】
: I got both in about 3 days. I filed state on MD's website. It gives you the
: numbers you can compare with the data in the TurboTax generated form. It is
: very simple. You can try next year.
|
l********d
发帖数: 443 | 33 What do you think should be a reasonable tax rate number for $200,000 AGI
and $300,000 AGI, respectively?
【在 j***a 的大作中提到】
: This is used to compare with others (general population) and it tells the
: tax other people would pay with the same AGI. 11% sounds low to me.
|
j***a
发帖数: 10844 | 34 Can you explain what it says?
【在 g********0 的大作中提到】
: thanks for the info. it took you some time to find it.
|
j***a
发帖数: 10844 | 35 17 and 25?
【在 l********d 的大作中提到】
: What do you think should be a reasonable tax rate number for $200,000 AGI
: and $300,000 AGI, respectively?
|
s*****g
发帖数: 939 | 36 What do you guys mean by "reasonable"? Lower than reasonable can trigger
audit risk?
【在 j***a 的大作中提到】
: 17 and 25?
|
j***a
发帖数: 10844 | 37 I guess so. With AMT in place, there must be something wrong if this number
is too low.
【在 s*****g 的大作中提到】
: What do you guys mean by "reasonable"? Lower than reasonable can trigger
: audit risk?
|
s*****g
发帖数: 939 | 38 TurboTax gave me an effective tax rate 4% lower than tax/AGI. And it's much
lower than the reasonable rate you gave. It also says my audit risk is low
. I'm really hoping it's not calculating anything wrong. |
j***a
发帖数: 10844 | 39 OK. I am sure the 4% here is different than the one I was talking about. It
might be 4% lower than average? That's nothing then. Or it could mean your tax/AGI is a little higher than their calculated ERT (I think this is what happend, so you are on the safe side).
The ETR is tax/AGI.
Saying if your income is 100k, you pay 20k tax, the ETR would be 20%. 4%
would be if you only pay 4k tax. Check your tax/AGI to get the right number.
It could be very low if the income is low.
much
low
【在 s*****g 的大作中提到】
: TurboTax gave me an effective tax rate 4% lower than tax/AGI. And it's much
: lower than the reasonable rate you gave. It also says my audit risk is low
: . I'm really hoping it's not calculating anything wrong.
|
j***a
发帖数: 10844 | 40 OK. I looked at my return again. I think I figured it out. In the summary,
there is an effect tax rate, which is 3% lower than my tax/AGI. In other
words, I paid 3% more than ETR. I think you are in the same situation.
much
low
【在 s*****g 的大作中提到】
: TurboTax gave me an effective tax rate 4% lower than tax/AGI. And it's much
: lower than the reasonable rate you gave. It also says my audit risk is low
: . I'm really hoping it's not calculating anything wrong.
|
|
|
c*h
发帖数: 33018 | 41 Updated 【合集】剪发,报税, 小药方,医生名单,医保, 家居,装修
for future references. |
j***a
发帖数: 10844 | 42 11% might be "their" calculated ETR (individual return?). You can calculate
yours and see if they are close.
【在 l********d 的大作中提到】
: By the way, how is effective tax rate calculated? I thought it should be
: Tax/AGI?
: Turbo tax gives me an ETR of 11.xx%, which makes totally no sense.
|
l********d
发帖数: 443 | 43 There is a 6% gap.
I'm just confused how could the "average" people paid so little tax in this
income bracket.
★ 发自iPhone App: ChineseWeb - 中文网站浏览器
【在 j***a 的大作中提到】
: 11% might be "their" calculated ETR (individual return?). You can calculate
: yours and see if they are close.
|
