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Itemized Deduction8

Alternative Minimum Tax/Recovery of Prior Year's Itemized Ded

QuestionAnswer
What is the purpose of the alternative minimum tax (AMT) The purpose of the AMT is to make sure that taxpayers with higher imcones cannot entirely avoid taxes through the use of certain deductions and credits
Thinking about the AMT why is it important for new clients to bring in their prior year's returns New clients who might fit the criteria for being subject to AMT might have paid AMT on their prior year's return.It is possible that they might qualify for a credit on their current-year return
What is the most common taxable recovery State income tax refund and if applicable local refunds
Under what circumstances is a refund of state income tax generally taxable When the taxpayer itemized deductions for the year the tax was paid
Name two other types of recoveries that may be taxable if the taxpayer itemized Medical expenses and casualty and theft losses
Created by: dawn2000
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