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OT: Alternative Minimum Tax for 2007 Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Fri, 22 Jun 2007 09:41:12 Members do not see ads below this line. - Help Keep This Site Online - Signup |
I had the mid-year review with my Fiancial Advisor and Tax Advisor yesterday, and learned that I will "probably" have to pay the AMT for the first time ever in 2007. The Tax Advisor said that 2006's one year revision of the AMT is not expected to be repeated in 2007, and that the Feds have included AMT payments from a record 25 Million people into the Federal Budget!
The good news is that I have 6 months to plan around this, and that making a modest Catch-Up contribution to my 401(k) will shield me from this added tax.
Just a "heads-up" to anyone else who has never paid this tax before and thinks they will be exempt in the 2007 tax year too.
posted by 198.208.25...
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
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