|
Posted by Jessica on April 30, 2008, 11:23 pm
Please log in for more thread options
> On Apr 29, 1:20 pm, KEBSCHU...@aol.com wrote:
>
>> It might be deemed "tax fraud" if you deliberately overpaid your state
>> income taxes in a year that you paid the regular tax to get the tax
>> benefit from the overpayment AND
>> this was done in anticipation of paying the AMT the next year. Have
>> you noticed that IRS instructions exclude ALL state income tax and
>> certain other tax refunds from Alternative Minimum Taxable Income.
>> See Line 7 on Form 6251 and section 56(b)(1)(D) of the Internal
>> Revenue Code and draw your own conclusions
>
> The original post seemed to be about the paying the exact amount of
> state taxes in 2008 instead of taking advantage of safe habor, not
> about overpaying if I read right.
>
> As for the overpayment case you cited, is it really fraud and have
> there been any court cases on it?
>
No, the overpayment is exactly what I am talking about. I want to pay more
than I really expect to need because the deduction this year will exceed the
tax on the refund next year.
Now... it is actually possible the overpayment will actually turn out to be
correct; it is just not likely. If this is fradulent, then I don't want to
do it, but it if isn't, then I will forgo use of the money for a few months.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap