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The official "I am not rich but I have to pay AMT" thread
Posted on 2/29/12 at 5:52 pm
Posted on 2/29/12 at 5:52 pm
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?
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 2/29/12 at 6:02 pm
7
Posted on 2/29/12 at 6:49 pm to siliconvalleytiger
Is it rude to ask what kind of gross income level we are talking about?
Posted on 2/29/12 at 9:12 pm to siliconvalleytiger
I'm on year two. 
Posted on 2/29/12 at 11:50 pm to Cold Pizza
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.
Posted on 3/1/12 at 7:07 am to siliconvalleytiger
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.
Posted on 3/1/12 at 11:06 am to PlanoPrivateer
quote:
Uhmmmmm.... $250K That sounds like Obama's magic number. Sir, you and your wife are officailly rich according to our President.
:hookersandblow:Posted on 3/1/12 at 11:16 am to Cold Pizza
How would you compare that $250,000 to Louisiana? As in what is it's equivalent?
Posted on 3/1/12 at 11:23 am to bringonusc
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.
Posted on 3/1/12 at 11:58 am to siliconvalleytiger
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.
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.
Posted on 3/1/12 at 1:13 pm to PlanoPrivateer
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.
Posted on 3/1/12 at 11:43 pm to Cash
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.
Posted on 3/2/12 at 12:53 am to siliconvalleytiger
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?
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?
Posted on 3/2/12 at 8:45 am to siliconvalleytiger
This thread should have been titled:
The official "I want to tell people how much money I make without being specific" thread.
The official "I want to tell people how much money I make without being specific" thread.
Posted on 3/2/12 at 11:20 am to gonads&strife
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 3/2/12 at 11:23 am
Posted on 3/2/12 at 2:14 pm to Bayou Tiger
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?
Anyone else have this problem?
Posted on 3/2/12 at 2:19 pm to gonads&strife
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.
A comparable salary to what they are making in California is about 72K per person in Louisiana.
Posted on 3/2/12 at 2:20 pm to gonads&strife
I really didn't take the OP's comments that way, the AMT is truly fricked up and needs to be modified.
Posted on 3/2/12 at 2:53 pm to tirebiter
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.
Posted on 3/3/12 at 10:44 pm to siliconvalleytiger
My fed adjusted was under 200 and I paid AMT fwiw
Posted on 3/4/12 at 7:58 am to siliconvalleytiger
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
LINK
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