Posted: May 27, 2005 By: Douglas M. & Terry L. Wood

Subject: AMT - form8801 line 26 = $250,838

Comment: IRS form 8801 line 26 Minimum tax credit carryforward to (next year)
2001 - $266,512
2002 - $269,221
2003 - $256,942
2004 - $250,838

The IRS has had a quarter of a million dollars of my money for four years and at the rate they are returning it to I will need to live to be 90 years old to see it all again. If I die I cannot pass this to my survivors.

Please tell me that the purpose of the AMT was not to have taxpayers pre-pay a lifetimes worth of taxes.

Of course you realize that this $250K is earning me $0 while in the hands of the IRS.

Since losing my job 2 years ago I have often thought that I could use this $250K (my money) more than the IRS.

Please right this wrong!