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arushi_13
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Joined: 09 Feb 2008
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Posted: 12 Jul 2009 at 00:26 \| IP Logged

Please can someone tell me the Individual AMT exemption formula for 2009 for
1) Single
2) MFJ
3) MFS

I do have them for 2008 but just wanted to know the 2009 ones.

Thanks a ton.

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arushi_13
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Posted: 12 Jul 2009 at 00:38 \| IP Logged

Also, can someone verify this please...

"Tax-exempt interest on specified private activity bonds issued in 2009 or 2010 exempt from AMT. Tax-exempt interest on specified private activity bonds issued in 2009 or 2010 is not an item of tax preference and therefore is not subject to the AMT."

So is it now no longer a tax preference item which was usually added to regular TI to get Gross AMTI?

Thanks a lot.

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roswellpodsquad
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Joined: 28 May 2009
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Posted: 12 Jul 2009 at 00:39 \| IP Logged

2009

AMT Single - $46,700, MFJ - $70,950, MFS - $35,475.

FYI, If you are using Becker the amounts given in the book are incorrect so
you might want to check that out.

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arushi_13
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Posted: 12 Jul 2009 at 00:47 \| IP Logged

Thanks roswellpodsquad. Really appreciate it. I did check on IRS website too in the meantime...Yes you are right Becker amounts are wrong.
So it is..
Single = 46,700 - 25%( AGI - 112,500)
MFJ = 70,950 - 25% (AGI - 150,000)
MFS = $35,475 - 25%( AGI - 75,000)

Thanks once again for all your help.

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scoobz
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Joined: 23 Aug 2009
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Posted: 24 Aug 2009 at 21:23 \| IP Logged

Do the exemption amounts for calculating the AMTI on single taxpayers need to be memorized for the exam? I thought I recalled a Becker lecture implying that they would be given to us and to just know the phaseouts, adjustments/preferences, tax rates and tax credits. Someone please advise. Thanks.

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