AMT on stipend?
Re: AMT on stipend?
I also have this question regarding AMT.
My CPA just worked through the taxes and said it appears that the AMT will apply, but will be doing more research to see if there is something she is missing that keeps the AMT from kicking in. AMT make about a $4000 difference in tax obligation. Yikes!
Does anyone have and credible advice on whether or not the AMT should be applied? If it is not applies how is the stipend being reported on the 1040?
Thanks
My CPA just worked through the taxes and said it appears that the AMT will apply, but will be doing more research to see if there is something she is missing that keeps the AMT from kicking in. AMT make about a $4000 difference in tax obligation. Yikes!
Does anyone have and credible advice on whether or not the AMT should be applied? If it is not applies how is the stipend being reported on the 1040?
Thanks
Re: AMT on stipend?
Guest wrote:I also have this question regarding AMT.
My CPA just worked through the taxes and said it appears that the AMT will apply, but will be doing more research to see if there is something she is missing that keeps the AMT from kicking in. AMT make about a $4000 difference in tax obligation. Yikes!
Does anyone have and credible advice on whether or not the AMT should be applied? If it is not applies how is the stipend being reported on the 1040?
Thanks
I had AMT on my stipend and paid it. My CPA said that the law was supposed to be changed this year, but wasn't. Time to bite the bullet
Re: AMT on stipend?
How can AMT apply? I thought our stipend wasn't considered income because we are not employees?
Re: AMT on stipend?
That’s the point of AMT — to close the loophole.SMARTgirl wrote:How can AMT apply? I thought our stipend wasn't considered income because we are not employees?
Re: AMT on stipend?
Okay, but isn't the exemption amount $70,300 if you're single? The scholarship pays significantly less than this... Are tuition costs and internship support payments factored in as well?
Re: AMT on stipend?
I'm only asking because this is my first year with the scholarship and I'm trying to calculate my estimated quarterly taxes.
Re: AMT on stipend?
I'm just going by what my CPA told me.SMARTgirl wrote:I'm only asking because this is my first year with the scholarship and I'm trying to calculate my estimated quarterly taxes.
All things considered, I had around 39,000 this year with stipends and everything -.. I ended up paying $6000 between federal and state (12% for federal and like 3-4 for state). It was still within the range of what I was expecting.