I have run into an unfortunate alternative minimum tax situation due
to video poker and I was wondering if any one had any advice to offer
on the topic..
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?
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