Turbotax 2012 amt patch

The amt exemption is like a standard deduction for calculating the alternative minimum tax. However, it doesnt work and hasnt from day 1 when the 2012 version was released. Turbotaxs tax experts have fielded thousands of questions from tax filers, and the questions tend to ebb and flow with changing economic times. On new years day 20, congress passed the muchtalked about fiscal cliff tax legislation through the american tax relief act of 2012 which is expected to be signed by president obama test 3333. According to turbotax, the patch spared up to 21 million taxpayers from having to pay amt in 2010. Jan 10, 2020 decided to try turbotax 2012 this year due to a more complicated return. Jan 10, 2011 but the tax deal that was passed at the very end of the last congress included an amt patch to fix to the alternative minimum tax, or amt for 2011. Turbotaxs bevy of tax experts have fielded thousands of questions from tax filers. Hello, im nick from turbotax with some helpful information about the. The fiscal cliff deal will permanently fix the amt in addition to creating the 2012 amt patch. To manually update your prioryear turbotax for windows software, follow the same instructions as above, except substitute the tax year you need for step 2. The turbotax blog tax news dont fear the fiscal cliff. Bad news for tax filers using turbotax troy, mi patch.

Nov 06, 2012 alternative minimum tax amt patch the amt was originally created as a special tax for the wealthiest taxpayers. Business and economic news and headlines from abc news radio. Money moves to make before the yearend cliff the fiscal. Mar 28, 2017 turbotax is a popular taxpreparation software product for individual taxpayers.

Jan 04, 20 but with the 2012 amt patch in limbo during the fiscal cliff crisis, tens of millions of taxpayers could have been subject to the tax for the first time. Additionally, some scammers may try to identify themselves as a microsoft mvp. If there are any updates, youll be prompted to download them. The last patch was passed in 2010 and covered 2010 and 2011. The alternative minimum tax was created in 1969 to prevent the superrich from using credits, deductions and other shelters to avoid taxes altogether. Congress traditionally passed an annual patch to address this until, in january 20, they passed. The alternative minimum tax amt was designed to keep wealthy taxpayers from using loopholes to avoid paying taxes. Mar 08, 20 the drama of the fiscal cliff came to a temporary end this year with the passing of the american tax relief act of 2012, including a permanent extension of the alternative minimum tax amt patch, the permanent reduction of tax rates and the reinstatement of several tax deductions, including the educator expense deduction, the tuition and fees. Top 15 most frequently asked tax questions east idaho news. The tax deductions and credits included in the bush tax cuts do not impact your 2012 taxes. Irs form 6251 is calculates amt that a taxpayer may owe. Jan 07, 2008 and it will point out if the amt applies when you get to the bottom line, if you skip over the amt section. The act includes a permanent patch of the alternative minimum tax amt, the permanent reduction of tax rates, and reinstating various tax deductions such as the educator expense deduction, the. Start for free today and join the millions who file with turbotax.

Jan 10, 2014 congress passed legislation last december for an amt patch to adjust for inflation. The good news is that congress raised the exemption levels in 2009, preventing millions from paying the amt, but the adjustment is good for. For a good understanding of what this is all about, check out what is the alternative minimum tax and do i have to pay it. Feb 25, 2016 why i lost all turbotax files since my computer update windows 10. The amt was created in 1969 to ensure that the very wealthy paid an appropriate share of taxes. Indexing the amt provides tax payers with certainty on their tax rates and liability rather than waiting for congress to enact an amt patch each year. If you file a bad return and the irs sends you a letter, i charge a lot to fix it. It continually came up with different results for the amt than taxcut, even. The amt now has a permanent inflation index, so we wont need the annual amt patch. Their online software already accounts for the amt patch for 2007 passed by congress and signed by the president in mid december. But because it was not automatically updated for inflation, more middleclass taxpayers were getting hit with the amt each year. Updated with 201220 limits and fiscal cliff deal amt fix as part of the fiscal deal congress has finally put in place a permanent fix to the alternative minimum tax amt that will help prevent millions of tax.

But according to him, its not likely that congress will let the amt patch. See the potential 20 irs tax refund delays caused by the expiration of the amt patch. Their desktop software will support it via software updates. Congress traditionally passed an annual patch to address this until, in january 20, they passed a permanent patch to the amt. Tax rates, amt patch already set for 20 tax year news. How to handle the alternative minimum tax cbs news. Get more amttax liability facts and figures from turbotax or taxact. For instance state tax updates and program updates are also broken. Now i wrote about these turbo tax issues because these are all problems that i have helped people with because they had filed taxes and there was a problem.

The amt was originally created as a special tax for the wealthiest taxpayers. So when i title this blog post as problems with turbo tax, youre. The individual alternative minimum tax amt operates alongside the regular income tax. Dec 29, 2012 for now, miller said the irs is acting as if congress will provide an amt patch. Jan 22, 20 tax rates, amt patch already set for 20 tax year. All of the update links are broken and redirects one to tts general homepage. Decided to try turbotax 2012 this year due to a more complicated return. Its best to use a wired, highspeed connection when updating, both to save time and minimize data.

Jan 08, 20 the irs expects to be able to take returns starting jan. But because it was not automatically updated for inflation, more middleclass. Feb 17, 2015 the alternative minimum tax, or amt, requires taxpayers to refigure their income tax liability without many of the tax deductions and exemptions typically allowed under normal circumstances. Once youve installed turbotax on your computer, updating the software provides essential fixes for software bugs and any lastminute changes in tax law. The permanent patch is expected to provide some certainty to planning for the amt. Autosuggest helps you quickly narrow down your search results by suggesting possible matches as you type.

Free product help from turbotax agents available via phone or live chat 2. This exemption is indexed for inflation so it changes every year. The amt exemption is like a standard exemption for calculating the tax owed. But due to uncertainty in the tax laws in 2012in particular, the expiration of the patch for the alternative minimum taxcalculating those. You will save yourself lots of money by buying the right. If youre on a pc, open turbotax and select check for updates from the online menu near the top. Feb 06, 2015 bad news for tax filers using turbotax an increase in suspicious filings caused intuit to turn off capability to file state income tax returns using turbotax software. With just a couple of weeks left in the year, congress increased the. The amt exemption is much higher than the standard exemption but phases out when. In 2012, with expiration of the temporary amt patch, married couples will be 12 times as likely to owe amt as singles. The alternative minimum tax amt explained turbotax. Dec 19, 2012 without the patch, about half of new jersey households would pay taxes under the amt for 2012.

I had in 2012, thought it was applied in 20, just went to see if there. Although turbotax is a secure and wellbuilt program, users still sometimes have issues updating their software. Mar 10, 2011 the good news for taxpayers this year is that congress finally got around to patching the alternative minimum tax amt for 2010. Meighan, of turbotax, said his company also has prepared its software as if a patch will be in place. Easily file federal and state income tax returns with 100% accuracy to get your maximum tax refund guaranteed.

Hello, im nick from turbotax with some helpful information about the alternative minimum tax, or amt. At times it can be very unstable and cause your computer to crash. I did the amt calculation and it took away my refund then i undid the amt and got it back. Budget talk delays could stall 100 million returns. Yearend tax planning in the age of the fiscal cliff. The patch will be good for 2010 and 2011, but if they dont make some type of permanent adjustment, well be dealing with this over and over again starting in 2012. With this patch, those lower income taxpayer will not be hit with this higher tax. Tech support scams are an industrywide issue where scammers trick you into paying for unnecessary technical support services.

The alternative minimum tax, or amt, was introduced in 1969 to ensure that the wealthiest americans paid taxes, even after using tax breaks and loopholes, but the amt was never updated to account for inflation. Im hoping i have this wrong because i would like to purchase a volt before the end of the year. File past years income tax returns turbotax 2018, 2017, 2016. It requires some taxpayers to calculate their liability twiceonce under the rules for the regular income tax and once under the amt rulesand then pay the higher amount. But it looks like congresss failure to patch the amt may essentially kill the ev tax credit for me and, i am guessing most potential ev buyers. Updated with 201220 limits and fiscal cliff deal amt fix as part of the.