In a message dated 2/18/2008 11:39:15 A.M. Eastern Standard Time,
sulbimenfg311@
In 2007, I had little income. I calculated my refund due to me to be
around $1000. This was before realizing that I had triggered the
dreaded alternative minimum tax. In 2007, I had an overall losing year
gambling but I had $68,000 in W2-G's. Due to deducting my losses to
offset my wins, the AMT was triggered, leaving me with a tax bill of
over $9000. Do I have any recourse or am I stuck paying this large tax
bill with no income to show for it?
Based on the info above you can't tell if it is correct. You are allowed to
claim your gambling losses up to your winnings as an itemized deduction.
That means you lose the standard deduction if you were claiming that. Did you
have income such as Social Security that would have been taxable because of
the increased AGI? Single or married? What is "little income"? Any other
itemized deduction?
************
(http://living.
2050827?NCID=
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