Anyone here know what “patch” was applied to AMT? I got slammed last year, and it has affected our lifestyle (had to write a check for $3500, and increase monthly deductions by $300). It was all AMT. It’s like buying a car, except you don’t get anything.
Every year, Congress has to act to raise the minimum income where the AMT applies from some ridiculous amount to a slightly less ridiculous amount. They did so. Unfortunately, though, if you got caught in the AMT last year, chances are you will this year as well.
Us also. The only check we wrote was for AMT.
Is the patch retroactive to 2008?