Subject: AMT Cost Me Big Time! Comment: I was part of a class action lawsuit for age discrimination against Ameritech. After 22 1/2 years of service I was downsized for absolutely no reason they could give me other than I was chosen! It became apparent it was a result of age discrimination and I refused to sign my waiver so I could fight my dismissal. After over 12 years of waiting, the lawsuit was finally settled before the case could go to trial. I had gone from making over $25.00/hour to $8.00/hour and lost my home and everything I had. Receiving our money from the lawsuit was broken down over two years to lessen the tax burden. After I paid a ridiculous amount of taxes, I was flabbergasted and amazed of two things. One-I had to pay taxes on the lawyers fees and they had to turn around and pay taxes on that money AGAIN!!! Second-I owed the AMT tax! How could I owe the Alternative Minimum Tax after I had already paid 40+% on the money received from the lawsuit! I had to pay a penalty and interest because my accountant just "assumed" I would not owe this tax! Sometimes I wonder if I really did "win" this lawsuit? This tax is so unfair to someone like me who works 3-4 jobs just to have a nice life. It is time to be changed and please reimburse the last 10 years back! That would really be nice! |