pain

fredv
fredv Posts: 923
edited April 2007 in The Clubhouse
Just finished my tax return .....:(
Conclusion: you can't cure greed and stupidity (that refers to me), and amt is evil :mad:

-fredv-
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Comments

  • jdhdiggs
    jdhdiggs Posts: 4,305
    edited April 2007
    Just be glad you're making enought to be forced into the AMT
    There is no genuine justice in any scheme of feeding and coddling the loafer whose only ponderable energies are devoted wholly to reproduction. Nine-tenths of the rights he bellows for are really privileges and he does nothing to deserve them. We not only acquired a vast population of morons, we have inculcated all morons, old or young, with the doctrine that the decent and industrious people of the country are bound to support them for all time.-Menkin
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  • noimposse
    noimposse Posts: 264
    edited April 2007
    Care to elaborate? Or am I just not understanding your post?
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  • bobman1235
    bobman1235 Posts: 10,822
    edited April 2007
    AMT is "alternative minimum tax"... basically for people who make too much money, and are no longer allowed to use the deductions that us poor folk use.

    Read : another way for the government to punish you for being successful and turn this into a socialist state.
    If you will it, dude, it is no dream.
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  • Shizelbs
    Shizelbs Posts: 7,433
    edited April 2007
    I contend that Bobman's interpretation is the correct one.
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  • noimposse
    noimposse Posts: 264
    edited April 2007
    Oohhhh, maybe that's exactly why I hadn't ever heard of the term before.


    <---21 and still makes ~minimum wage, yay!


    I still don't really get the stupidity part....but maybe that's because I'm stupid.
    Ghetto Rig
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    Speaks: Rti4.
    Source: PC. PS3. Xbox360.
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  • jdhdiggs
    jdhdiggs Posts: 4,305
    edited April 2007
    Yup, if you make too much money and give a ton of it away, the money you gave away (to charities or home morgage interest) is still taxed as income under AMT.

    Basically punishes you for having a nice house or being a nice guy.
    There is no genuine justice in any scheme of feeding and coddling the loafer whose only ponderable energies are devoted wholly to reproduction. Nine-tenths of the rights he bellows for are really privileges and he does nothing to deserve them. We not only acquired a vast population of morons, we have inculcated all morons, old or young, with the doctrine that the decent and industrious people of the country are bound to support them for all time.-Menkin
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  • fredv
    fredv Posts: 923
    edited April 2007
    jdhdiggs wrote: »
    Just be glad you're making enought to be forced into the AMT
    I would like to think that way, too.

    Greed: tried to pay less tax using long term capital gain.
    Stupidity: exercised some stock options at a price below the market price then which trigger amt.
    Pain: the stock price has dropped significantly, unfortunately, I still have to pay last year's amt .... if I sell now, that will be too soon to quality as long term capital gain, doh.

    Even worse, I just found out it is very difficult to "get" the amt credit back. In short, learned a big and costly lesson ..... At this point, I am sure everyone can guess that I don't work in financial field :o

    -fredv-
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