Tax question

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Beveridge
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Tax question

Postby Beveridge » Wed Dec 09, 2020 11:09 am

Hopefully 2020 taxes are canceled and they send our money back.
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MalkinIsMyHomeboy
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Joined: Wed Mar 25, 2015 1:45 pm
Location: “MIMH is almost always correct” -ulf

Tax question

Postby MalkinIsMyHomeboy » Wed Dec 09, 2020 11:28 am

also, my company withholds regular taxes from my paychecks. if my AMT is higher than my regular tax, do I get all the money back from my regular tax?
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Dickie Dunn
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Joined: Thu Mar 26, 2015 12:12 pm
Location: Methuselah Honeysuckle

Tax question

Postby Dickie Dunn » Wed Dec 09, 2020 11:32 am

So what I’ve gotten out of today’s discussion is that there’s no point in filing taxes for 2020 because they’ll probably never get to them anyways.
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willeyeam
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Joined: Wed Mar 25, 2015 12:49 pm
Location: hodgepodge of nothingness

Tax question

Postby willeyeam » Wed Dec 09, 2020 11:43 am

also, my company withholds regular taxes from my paychecks. if my AMT is higher than my regular tax, do I get all the money back from my regular tax?
AMT is alternative minimum tax. There are certain addbacks to make sure moneybags like Weenie pay in something when they're raking it in. If your tax is $10 and AMT is $15, you owe 15. If it's 10 and 5, you owe 10. Whatever you paid in for your regular tax will be applied to the total bill that includes AMT
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