Tax question in TaxAct

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jxs705
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Joined: Wed Jul 24, 2013 9:45 am

Tax question in TaxAct

Post by jxs705 » Wed Mar 12, 2014 1:04 pm

Hi, I got confused by the AMT calculation in TaxAct. It shows that my AMT exemption amount is $47,104 but I know from Google that the AMT exemption amount for 2013 is $80,800 for married people filing jointly. Did TaxAct calculate it correctly? What am I missing here? Thanks.

jebmke
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Re: Tax question in TaxAct

Post by jebmke » Wed Mar 12, 2014 1:08 pm

jxs705 wrote:Hi, I got confused by the AMT calculation in TaxAct. It shows that my AMT exemption amount is $47,104 but I know from Google that the AMT exemption amount for 2013 is $80,800 for married people filing jointly. Did TaxAct calculate it correctly? What am I missing here? Thanks.


Just to clarify, Line 29 is showing $47,104?

Is your software up to date?
When you discover that you are riding a dead horse, the best strategy is to dismount.

jxs705
Posts: 122
Joined: Wed Jul 24, 2013 9:45 am

Re: Tax question in TaxAct

Post by jxs705 » Wed Mar 12, 2014 1:16 pm

I am not sure which line because I am using online version of TaxAct. I saw this number when it summarize my AMT taxable income, which is the total AMT taxable income - this AMT exemption amount.

jebmke wrote:
jxs705 wrote:Hi, I got confused by the AMT calculation in TaxAct. It shows that my AMT exemption amount is $47,104 but I know from Google that the AMT exemption amount for 2013 is $80,800 for married people filing jointly. Did TaxAct calculate it correctly? What am I missing here? Thanks.


Just to clarify, Line 29 is showing $47,104?

Is your software up to date?

bogleraw
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Joined: Fri Jun 01, 2012 11:47 am

Re: Tax question in TaxAct

Post by bogleraw » Wed Mar 12, 2014 1:41 pm

With Taxact, even if you plan to efile you can use the "Print return" option to get pdf versions of the completed federal/state returns to look at line numbers etc.

jxs705
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Re: Tax question in TaxAct

Post by jxs705 » Wed Mar 12, 2014 1:44 pm

It does not allow me to do that in the free edition.
bogleraw wrote:With Taxact, even if you plan to efile you can use the "Print return" option to get pdf versions of the completed federal/state returns to look at line numbers etc.

superMARKet
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Re: Tax question in TaxAct

Post by superMARKet » Wed Mar 12, 2014 1:51 pm

Is your AMTI (6251 line 28) right around $288,684?

The AMT exemption (6251 line 29) decreases (“phases out”) as alternative minimum taxable income (AMTI) increases past a threshold. For 2013, married filing jointly, the threshold is $153,900, and you’re correct about the exemption being $80,800. The exemption decreases by 25 cents for every dollar over the threshold, so that the exemption is zero when AMTI reaches $477,100. If your software calculated your exemption as $47,104, then your AMTI should be $288,684. 80800 − .25 ⨉ (288684 − 153900) = 47104.

Faith20879
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Re: Tax question in TaxAct

Post by Faith20879 » Wed Mar 12, 2014 2:09 pm

With the free version, you can still look at the individual forms. I don't remember exactly where it is on the screen, but, look for the tab labeled "forms" and there you'll see a list of all the forms. BTW, TaxAct handled ours correctly. Perhaps you want to double check your filing status again? Did all the other exemptions on the other forms come up correctly? If not, there is clue there.

Faith

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dratkinson
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Re: Tax question in TaxAct

Post by dratkinson » Wed Mar 12, 2014 2:23 pm

jxs705 wrote:I am not sure which line because I am using online version of TaxAct. I saw this number when it summarize my AMT taxable income, which is the total AMT taxable income - this AMT exemption amount.

jebmke wrote:
jxs705 wrote:Hi, I got confused by the AMT calculation in TaxAct. It shows that my AMT exemption amount is $47,104 but I know from Google that the AMT exemption amount for 2013 is $80,800 for married people filing jointly. Did TaxAct calculate it correctly? What am I missing here? Thanks.


Just to clarify, Line 29 is showing $47,104?

Is your software up to date?


The online s/w should always be up to date. But it could have gotten confused and think you are single.

TA will let you see a draft PDF of your return, but not print it, before you have paid. In this case, this is good enough.

A quick look though my printed draft return (TA online) doesn't show any calculation for AMT, so I'm guessing the AMT calculation happens on a TA worksheet (which is not attached to the return).

Suggest you look through your draft TA worksheets until you find one with the listed $47,104 exclusion. How to do this? Look at the top of TA online for "Print", select each worksheet (there should be some mark to let you know which ones have been filled in/used), then find the "$47,104" exclusion on one of the lines as input by TA. Track back and figure out why TA thinks you are single. Correct to married, or you may have to override the TA error with the correct exclusion if you can't otherwise get it to recognize that you are married.

That's all I can think of for now.
d.r.a, not dr.a. | I'm a novice investor, you are forewarned.

jxs705
Posts: 122
Joined: Wed Jul 24, 2013 9:45 am

Re: Tax question in TaxAct

Post by jxs705 » Wed Mar 12, 2014 2:31 pm

I checked again. Yes. It is line 29 showing $47,807. What does that mean?

jxs705 wrote:I am not sure which line because I am using online version of TaxAct. I saw this number when it summarize my AMT taxable income, which is the total AMT taxable income - this AMT exemption amount.

jebmke wrote:
jxs705 wrote:Hi, I got confused by the AMT calculation in TaxAct. It shows that my AMT exemption amount is $47,104 but I know from Google that the AMT exemption amount for 2013 is $80,800 for married people filing jointly. Did TaxAct calculate it correctly? What am I missing here? Thanks.


Just to clarify, Line 29 is showing $47,104?

Is your software up to date?

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damjam
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Re: Tax question in TaxAct

Post by damjam » Wed Mar 12, 2014 4:05 pm

Is line 28 greater than $153,900?
If so, your exemption is reduced.
See Pub 6251 instructions.

jxs705
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Re: Tax question in TaxAct

Post by jxs705 » Wed Mar 12, 2014 5:45 pm

Oh. Yes. That's the reason! Thanks a lot.
damjam wrote:Is line 28 greater than $153,900?
If so, your exemption is reduced.
See Pub 6251 instructions.

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