alternative minimum tax???

[karliebug]

I just tried to figure out my taxes on taxcut software. Last year we got back almost 5000.00. According to the forms this year, I have to pay 3,000 in AMT and my refund will be about 800. It said that updates will be coming. Does that work in my favor, or not??? Also, my oldest daughter turned 17 and it says I no longer get a child credit for her. Why not? She is not yet 18.

 

[T. Lynn]

I've heard that 17 is the cutoff for getting the child credit. Seems dumb since your responsible for your children till their 18.

 

[rapmarks]

I believe the updates will change the tax situation for you as most of the updates involve the changes Congress voted at the last minute regarding the AMT so that not as many people will be affected by it. Gwet the updates before you file.

 

[treboats]

They said all the forms and updates should be done by Feb 11th.

 

[tar heel]

17 has always been the cut-off for the Child Tax Credit.

 

[IDoDis]

Aaaak! That's a big difference. On a side note, why are you loaning the government $416 per month for free? I don't get that.

 

[JoanneNC]

Aaaak! That's a big difference. On a side note, why are you loaning the government $416 per month for free? I don't get that.

I cringe everytime I read someone dancing over a HUGE refund... Just a bad financial decision to loan the gov't for free

 

[rtrtx2]

The update should make a difference, after I ran the udate for the tax software I use, my AMT went from $1500 to zero. Boy I agree about age 17 being ridicules.

 

[alicenwonder99]

I just did my taxes yesterday and didn't come across anything about the AMT. Is there a minimum income for this?

 

[DisneyTarheel]

I would think most folks hit with the AMT would be fazed out of child tax credits due to their income level.