The official "I am not rich but I have to pay AMT" thread | TigerDroppings.com

Posted byMessage
siliconvalleytiger
LSU Fan
Northern California
Member since Apr 2004
22167 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



Back to top
Share:
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?





Back to top
Cash
SMU Fan
Vail
Member since Feb 2005
33554 posts

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


I'm on year two.





Back to top
siliconvalleytiger
LSU Fan
Northern California
Member since Apr 2004
22167 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.






Back to top
PlanoPrivateer
LSU Fan
Frisco, TX
Member since Jan 2004
1329 posts

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.






Back to top
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:






Back to top
bringonusc
LSU Fan
Katy, TX
Member since Aug 2007
3627 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?





Back to top
lynxcat
Rutgers Fan
Member since Jan 2008
14361 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.






Back to top
  Replies (0)
tirebiter
LSU Fan
ATL
Member since Oct 2006
5149 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.







Back to top
  Replies (0)
Mo Jeaux
LSU Fan
NYC
Member since Aug 2008
12837 posts

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.






Back to top
  Replies (0)
LSUBrad5277
LSU Fan
North Louisiana
Member since Jan 2011
12556 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.






Back to top
  Replies (0)
foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29858 posts

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?






Back to top
  Replies (0)
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.






Back to top
Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3238 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


Back to top
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?






Back to top
AUFanInSoCal
Auburn Fan
Huntington Beach,CA
Member since Nov 2007
906 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.






Back to top
  Replies (0)
tirebiter
LSU Fan
ATL
Member since Oct 2006
5149 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.





Back to top
LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
10298 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.






Back to top
  Replies (0)
LifeTimeTiger
LSU Fan
Baton Rouge
Member since Dec 2003
642 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





Back to top
  Replies (0)
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







Back to top
  Replies (0)


Back to top