So, my CPA has all of my income information. They are working on my returns now. Just so I'm prepared, at what point does the AMT kick in? I am in a low tax bracket (I'm a grad student, so you know just how low that can be) and from what I've read in other threads, the AMT doesn't apply until you reach a certain level of income. I have quite a few deductions, but, since I begin in a low bracket, I'm hoping that I avoid the AMT laws. I realize I probably won't get the full Tax Credit for my HCH-II, but I'm hoping for at least some to knock out what income tax I owe. If anyone has any experience with this let me know.

 

You have to make in excess of $42,500 for a single person to be effected by the AMT, I'm pretty sure. Mortgage lowers your AMT also.

Oh yeah, you blew it. You could have been the first to post a tax question in the new "Government & Taxes" section.

 

LOL, That whole 'government' thing kept me away. I knew the powers that be would find some way to keep the taxpayers money. Nothing is without strings. Also, who could tell, with a section title like that, I might get put on the 'list.'

Thanks for the info. If this is indeed true, I'm looking at paying nothing. Mwahahahaha! *crosses fingers*

 

I'm a grad student as well, annual income about $30G thanks to a working wife, and a mortgage. I got the entire tax credit back, or more accurately, I got all that I could have gotten back, and ultimately will pay $0 in taxes this year. Not sure if that helps...good luck.