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But this won’t affect the FAFSA calculation at all, because the rate used to calculate the tax paid on the FAFSA was never adjusted downward when the FICA tax rate was cut.</p>
<p>I’m already in AMT territory, and if it isn’t patched my tax bill will shoot up by over $8000.</p>
<p>Ouch.</p>
<p>The last thing I heard about the negotiations in DC, did mention that an AMT patch is in the works for 2012. Keeping my fingers crossed…</p>
<p>Just heard the deal to be voted on has a PERMANENT fix for the AMT. I am so keeping my fingers crossed that it passes!</p>
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<p>It can be fixed any time next year, retroactive to Jan 1. Congress frequently passes tax laws and makes them retro. Not sure what the concern is, frankly. (insert political crack, here.)</p>
<p>Ok, so you’re saying people pay their 2012 taxes by April and pay the AMT, congress fixes it next December retro to 2012 taxes. So the IRS has to send checks to millions plus interest? Sounds costly. This isn’t a concern?</p>
<p>Exactly, and in the meantime I need to cough up $6000 and not be able to file taxes until late March, maybe.
No problem there.</p>
<p>Also read that about the permanent AMT fix…never even hoped to be looking at the possibility of a permanent fix (well I guess I hoped). Also, I believe the package includes a 5 year extension in the American Opportunity Credit.</p>
<p>What are the odds both the Senate and the House will pass this? I’ll believe it when I see it…</p>
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<p>IMO, the fact that the AMT exists at all is a problem. It never should’ve become law in the first place. (It originally hit what, 114 taxpayers, and now covers 30+ million?) </p>
<p>The annual ‘fixes’ are a literal joke in DC (as is the ‘doc fix’ in Medicare). No one in their right mind believes that the AMT will not be rolled over, in perpetuity (or ‘fixed’ permanently).</p>
<p>Collectively, we voted for gridlock in November, and we got it folks. :)</p>
<p>Will Rogers was right: hide your wallet when Congress is in town. (or something to that effect.) :D</p>
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<p>The logical part of my brain believes this, but I’m still waiting for this bill to pass before I file any more financial aid paperwork!</p>
<p>There is a significant block of hardliners from safe districts in the House that do give me concern about this. We’ll see how the vote goes.</p>
<p>^^Correction, a-dad. Nearly every district and even most Senate seats are “safe.” </p>
<p>There are “hardliners” in safe districts in every state, both on the left and on the right, in both the Senate and the House. (Chuck Shumer is Exhibit A for the former.) The ‘middle’ has shrunk so much that is essentially nonexistent. </p>
<p>Over time, collectively, we have voted the middle out of office.</p>
<p>(I’d better stop here, less this thread get too political.)</p>
<p>Happy New Years to everyone on cc.</p>