AMT Fix

[kev374]

Was just reading about it here:

http://www.uschambermagazine.com/content/0710_10e.htm

This fix is an outrage. Since when are singles earning over $100,000/yr considered “high income” in Southern California?

[Peace]

I think AMT kicks in way less than $100,000 per single.

Anybody know the details on AMT?

I just know it has been dogging us for years. We’re big savers and ususally pay cash for everything except houses.

We were hit pretty bad in 1987 because we bought a condo in NYC that was beyond our means and had to put down a huge downpayment – thus cashed in $$stock$$ – totally uanware of the AMT.

[ucodegen]

I think AMT kicks in way less than $100,000 per single.

Anybody know the details on AMT?

The real answer is… it depends. Instructions for AMT are on page 39 of form 1040. The instructions can be confusing as hell.

By what definition isn’t it high income? Especially since in this context high income means “high enough that you can afford to pay a slightly higher tax rate”, not “high enough that you can afford to start your own country”. It’s more than 90-some percent of *household* incomes in the area,

Median income in San Diego is $63,400/yr. This means 50% of the people have higher incomes, 50% have lower incomes. To purchase a median priced house in San Diego (price $455,000), you need an income of $144,294 to support it. If you work in the ‘technology’ fields, there is a very good chance that your income is above $100,000/yr… therefore more than 90% of the households in San Diego don’t have incomes less than $100,000.

Data from San Diego Housing Federation

San Diego Housing Commission has it at median price of $472,000 income $100,000. I suspect their data is a little old because house prices have come down and interest rates have gone up.

Here are some interesting demographics on Carmel Valley. Median income $110,128, average $164,212 (some real high earners are skewing the statistics).

[ucodegen]

I think AMT kicks in way less than $100,000 per single.

Anybody know the details on AMT?

The real answer is… it depends. Instructions for AMT are on page 39 of form 1040. The instructions can be confusing as hell.

By what definition isn’t it high income? Especially since in this context high income means “high enough that you can afford to pay a slightly higher tax rate”, not “high enough that you can afford to start your own country”. It’s more than 90-some percent of *household* incomes in the area,

Median income in San Diego is $63,400/yr. This means 50% of the people have higher incomes, 50% have lower incomes. To purchase a median priced house in San Diego (price $455,000), you need an income of $144,294 to support it. If you work in the ‘technology’ fields, there is a very good chance that your income is above $100,000/yr… therefore more than 90% of the households in San Diego don’t have incomes less than $100,000.

Data from San Diego Housing Federation

San Diego Housing Commission has it at median price of $472,000 income $100,000. I suspect their data is a little old because house prices have come down and interest rates have gone up.

Here are some interesting demographics on Carmel Valley. Median income $110,128, average $164,212 (some real high earners are skewing the statistics).

[ucodegen]

I think AMT kicks in way less than $100,000 per single.

Anybody know the details on AMT?

The real answer is… it depends. Instructions for AMT are on page 39 of form 1040. The instructions can be confusing as hell.

By what definition isn’t it high income? Especially since in this context high income means “high enough that you can afford to pay a slightly higher tax rate”, not “high enough that you can afford to start your own country”. It’s more than 90-some percent of *household* incomes in the area,

Median income in San Diego is $63,400/yr. This means 50% of the people have higher incomes, 50% have lower incomes. To purchase a median priced house in San Diego (price $455,000), you need an income of $144,294 to support it. If you work in the ‘technology’ fields, there is a very good chance that your income is above $100,000/yr… therefore more than 90% of the households in San Diego don’t have incomes less than $100,000.

Data from San Diego Housing Federation

San Diego Housing Commission has it at median price of $472,000 income $100,000. I suspect their data is a little old because house prices have come down and interest rates have gone up.

Here are some interesting demographics on Carmel Valley. Median income $110,128, average $164,212 (some real high earners are skewing the statistics).

[ucodegen]

I think AMT kicks in way less than $100,000 per single.

Anybody know the details on AMT?

The real answer is… it depends. Instructions for AMT are on page 39 of form 1040. The instructions can be confusing as hell.

By what definition isn’t it high income? Especially since in this context high income means “high enough that you can afford to pay a slightly higher tax rate”, not “high enough that you can afford to start your own country”. It’s more than 90-some percent of *household* incomes in the area,

Median income in San Diego is $63,400/yr. This means 50% of the people have higher incomes, 50% have lower incomes. To purchase a median priced house in San Diego (price $455,000), you need an income of $144,294 to support it. If you work in the ‘technology’ fields, there is a very good chance that your income is above $100,000/yr… therefore more than 90% of the households in San Diego don’t have incomes less than $100,000.

Data from San Diego Housing Federation

San Diego Housing Commission has it at median price of $472,000 income $100,000. I suspect their data is a little old because house prices have come down and interest rates have gone up.

Here are some interesting demographics on Carmel Valley. Median income $110,128, average $164,212 (some real high earners are skewing the statistics).

[Peace]

I think AMT kicks in way less than $100,000 per single.

Anybody know the details on AMT?

I just know it has been dogging us for years. We’re big savers and ususally pay cash for everything except houses.

We were hit pretty bad in 1987 because we bought a condo in NYC that was beyond our means and had to put down a huge downpayment – thus cashed in $$stock$$ – totally uanware of the AMT.

[Peace]

I think AMT kicks in way less than $100,000 per single.

Anybody know the details on AMT?

I just know it has been dogging us for years. We’re big savers and ususally pay cash for everything except houses.

We were hit pretty bad in 1987 because we bought a condo in NYC that was beyond our means and had to put down a huge downpayment – thus cashed in $$stock$$ – totally uanware of the AMT.

[Peace]

I think AMT kicks in way less than $100,000 per single.

Anybody know the details on AMT?

I just know it has been dogging us for years. We’re big savers and ususally pay cash for everything except houses.

We were hit pretty bad in 1987 because we bought a condo in NYC that was beyond our means and had to put down a huge downpayment – thus cashed in $$stock$$ – totally uanware of the AMT.

[greensd]

Since when are singles earning over $100,000/yr considered “high income” in Southern California?

By what definition isn’t it high income? Especially since in this context high income means “high enough that you can afford to pay a slightly higher tax rate”, not “high enough that you can afford to start your own country”. It’s more than 90-some percent of *household* incomes in the area, and it’s enough to support a much-more-than-comfortable lifestyle for a single person. How is it not high income?

(Note that I haven’t even read the article you link to… this isn’t a comment about that particular AMT proposal.)

[greensd]

Since when are singles earning over $100,000/yr considered “high income” in Southern California?

By what definition isn’t it high income? Especially since in this context high income means “high enough that you can afford to pay a slightly higher tax rate”, not “high enough that you can afford to start your own country”. It’s more than 90-some percent of *household* incomes in the area, and it’s enough to support a much-more-than-comfortable lifestyle for a single person. How is it not high income?

(Note that I haven’t even read the article you link to… this isn’t a comment about that particular AMT proposal.)

[greensd]

Since when are singles earning over $100,000/yr considered “high income” in Southern California?

By what definition isn’t it high income? Especially since in this context high income means “high enough that you can afford to pay a slightly higher tax rate”, not “high enough that you can afford to start your own country”. It’s more than 90-some percent of *household* incomes in the area, and it’s enough to support a much-more-than-comfortable lifestyle for a single person. How is it not high income?

(Note that I haven’t even read the article you link to… this isn’t a comment about that particular AMT proposal.)

[greensd]

Since when are singles earning over $100,000/yr considered “high income” in Southern California?

By what definition isn’t it high income? Especially since in this context high income means “high enough that you can afford to pay a slightly higher tax rate”, not “high enough that you can afford to start your own country”. It’s more than 90-some percent of *household* incomes in the area, and it’s enough to support a much-more-than-comfortable lifestyle for a single person. How is it not high income?

(Note that I haven’t even read the article you link to… this isn’t a comment about that particular AMT proposal.)

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