Discussion:AMT Query

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Drpcpa (talk|edits) said:

19 July 2007
I'd like to search my 1040 client list for clients that may be subject to AMT given the drop in the exemption amount for 2008. Has anyone come up with parameters to search for that would help find clients that would be affected? Maybe AGI of $80,000 and 4 exemptions, or something like that. I'd like to send a letter out to the clients that are affected, since it could be a pretty large change for them. I just did one client with taxable income of $63,000 and 4 exemptions that will pay an extra $2,000 in tax because of this in 2007, even though nothing has changed on his return.

Kevinh5 (talk|edits) said:

19 July 2007
You can "force" your software to print the 6251 form for each return, then contact those who are close this last year. This isn't exactly what you asked for, but it will be better than nothing. Otherwise, contact your software provider and see if they have a solution.

Death&Taxes (talk|edits) said:

19 July 2007
Proseries Tax Planner enables you to show 2006 based on 2007 rates, but depending on the number of clients, that could take hours. There is also a query/analyzer function but I am not clear about how to write a new query.

Drpcpa (talk|edits) said:

19 July 2007
Thanks for the response. Although the client above wasn't even close last year, that's the problem.(AMT tax was $6,400, Regular Tax $9,000)(This year will be AMT tax of $11,000, Reg Tax of $8,600). I did contact the software provide (Ultra Tax) but they currently have nothing, but will look into it.

Drpcpa (talk|edits) said:

19 July 2007
Ultra tax does as well, but a box needs to be checked on each client I believe for it to work. That may be the route I need to go is open each client and check the Tax Projection Worksheet box.

Death&Taxes (talk|edits) said:

19 July 2007
What is sad here is that this is one of those situations where Congress will probably ride to the rescue come December and restore the exemptions to last year's levelsm meaning time, paper and postage may have been expended for nothing except the honor of being a pro-active professional.

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