The official "I am not rich but I have to pay AMT" thread | TigerDroppings.com
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siliconvalleytiger
LSU Fan
Bay Area, CA
Member since Apr 2004
23509 posts

The official "I am not rich but I have to pay AMT" thread

I live in CA where the cost of living is very high as I am sure you all know. To offset the higher cost of living the salaries are obviously higher. As a double income household, I've had to pay AMT 6 yrs running now.

I don't consider myself rich. Not OT rich, not MT rich or any kind of rich. Wife and I both work full time jobs and we do ok. And yet I'm paying what is basically meant to be a 'rich tax' mainly because of where I live. I wouldn't be over the AMT limit in say Louisiana or Texas with what would be the adjusted salary for location and cost of living.

Are there any others in the same boat?
This post was edited on 2/29 at 6:02 pm



Cold Pizza
Ohio State Fan
Member since Sep 2011
7639 posts

re: The official "I am not rich but I have to pay AMT" thread
Is it rude to ask what kind of gross income level we are talking about?


Cash
SMU Fan
Vail
Member since Feb 2005
33683 posts

re: The official "I am not rich but I have to pay AMT" thread
I'm on year two.


siliconvalleytiger
LSU Fan
Bay Area, CA
Member since Apr 2004
23509 posts

re: The official "I am not rich but I have to pay AMT" thread
quote:

Is it rude to ask what kind of gross income level we are talking about?


250+ will get you in that territory. And that ain't rich around here.


PlanoPrivateer
LSU Fan
Frisco, TX
Member since Jan 2004
1442 posts
Online

re: The official "I am not rich but I have to pay AMT" thread
quote:

250+ will get you in that territory. And that ain't rich around here.


Uhmmmmm.... $250K That sounds like Obama's magic number. Sir, you and your wife are officailly rich according to our President.


Cold Pizza
Ohio State Fan
Member since Sep 2011
7639 posts

re: The official "I am not rich but I have to pay AMT" thread
quote:

Uhmmmmm.... $250K That sounds like Obama's magic number. Sir, you and your wife are officailly rich according to our President.


:hookersandblow:


bringonusc
LSU Fan
Katy, TX
Member since Aug 2007
3628 posts

re: The official "I am not rich but I have to pay AMT" thread
How would you compare that $250,000 to Louisiana? As in what is it's equivalent?


lynxcat
Rutgers Fan
Member since Jan 2008
14724 posts

re: The official "I am not rich but I have to pay AMT" thread
quote:

How would you compare that $250,000 to Louisiana? As in what is it's equivalent?



Probably in the $150,000 range.

Expensive cost of living places can be between 50-75% more expensive.


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tirebiter
LSU Fan
ATL
Member since Oct 2006
5291 posts

re: The official "I am not rich but I have to pay AMT" thread
Evidently these people are suffering, too.
LINK

I don't think the AMT threshold has been inflation adjusted since it was implemented, which originally was to ensure people with high incomes and lots of writeoffs/loopholes paid some level of tax. Just another thing that needs to be solved in revamping the tax code/policy. OTOH, you or your wife could stop working to avoid AMT and your mortgage is paid off.



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Mo Jeaux
LSU Fan
NYC
Member since Aug 2008
14765 posts
Online

re: The official "I am not rich but I have to pay AMT" thread
quote:

Sir, you and your wife are officailly rich according to our President.


Agreed. I'm not sure why the OP is crying. He can take a few minutes on his private jet and call an accounting firm to mitigate the results of the AMT.

On a serious note, I wish I could help but can't. The AMT is a prime example of "what the government taketh, the government never giveth back," or something like that. It was intended to stop rich people from skirting their tax obligation. Now it's just a revenue enhancer.


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bulldog95
LSU Fan
North Louisiana
Member since Jan 2011
12920 posts

re: The official "I am not rich but I have to pay AMT" thread
quote:

I'm on year two


whenever my wife or myself get a raise or work alot of OT I up my contributions to my 401K to keep our income level below the AMT.


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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
31245 posts
Online

re: The official "I am not rich but I have to pay AMT" thread
You're very clearly making too much money. But I can help.

I'll set up a tax-deductible nonprofit to help ugly dogs fighting self-esteem issues. You can send me money and get out of paying AMT. Deal?


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gonads&strife
New Orleans Saints Fan
Member since Dec 2011
1885 posts

re: The official "I am not rich but I have to pay AMT" thread
This thread should have been titled:

The official "I want to tell people how much money I make without being specific" thread.


Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3343 posts

re: The official "I am not rich but I have to pay AMT" thread
I suggest a follow-up thread entitled "The official 'My wife does not have a large chest but still has to search around for 34DD bras' thread".
This post was edited on 3/2 at 11:23 am


gonads&strife
New Orleans Saints Fan
Member since Dec 2011
1885 posts

re: The official "I am not rich but I have to pay AMT" thread
The official "I'm not into luxury cars but everyone makes a big deal out of my 7 series BMW"

Anyone else have this problem?


AUFanInSoCal
Auburn Fan
The Hotel California
Member since Nov 2007
926 posts

re: The official "I am not rich but I have to pay AMT" thread
Salaries are high in California. You will also spend most of your takehome pay on housing.

A comparable salary to what they are making in California is about 72K per person in Louisiana.


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tirebiter
LSU Fan
ATL
Member since Oct 2006
5291 posts

re: The official "I am not rich but I have to pay AMT" thread
I really didn't take the OP's comments that way, the AMT is truly fricked up and needs to be modified.


LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
11025 posts

re: The official "I am not rich but I have to pay AMT" thread
quote:


I really didn't take the OP's comments that way, the AMT is truly fricked up and needs to be modified.

Agreed. $250k combined income is not living OT rich in certain areas of California.


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LifeTimeTiger
LSU Fan
Baton Rouge
Member since Dec 2003
687 posts

re: The official "I am not rich but I have to pay AMT" thread
My fed adjusted was under 200 and I paid AMT fwiw


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ich1baN
Florida State Fan
Member since Dec 2010
1812 posts

re: The official "I am not rich but I have to pay AMT" thread
Can't really help you on this tax issue other than to tell you to vote for a Paulist.... Oh and visit your safety deposit box. Your state government is scandalous and so far in debt that it can't see the top anymore. It has already stolen over $3 Bn in assets from safety deposit boxes:

LINK



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