title>Tax Guru-Ker$tetter Letter Wizard Animation

                 

Tax Guru-Ker$tetter Letter
Wednesday, November 12, 2008
 
2008 AMT Exemptions


Q:



Subject:  any update on AMT for 2008?


Just trying to get a handle on what my liability will be.  Last year we crept over the line and we subject to AMT for the first time.  I suspect we will be again this year, but would like to get a better fix on how big it will be.


thx


A:



As part of the big bail-out bill that was passed last month, the AMT exemption amounts were increased for 2008 to:

$46,200 for people filing as Single or Head of Household
$69,960 for Married Filing Joint or Qualifying Widow
$34,975 for Married Filing Separate


As it stands now, these amounts will drop for 2009 to:

$33,750 for people filing as Single or Head of Household
$45,000 for Married Filing Joint or Qualifying Widow
$22,500 for Married Filing Separate

Whether those figures will be changed is completely up in the air now that we have an anti-success Socialist administration ready to take over control of the tax code next year.


You can download the complete 24+ page pdf summary of the latest tax bill from The TaxBook at:

www.thetaxbook.com/updates/thetaxauthority_update_service/pdf/bulletin/10-10-2008_update.pdf


Good luck.  I hope this helps.

Kerry Kerstetter


 

Netflix, Inc.

 

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