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T1Planner - AMT omitted?


#1

Just had a discussion with a client that was not impressed because we had devised a specific tax plan, and estimated tax payable balance he was going to be owing for 2017 a few months ago.

We estimated the tax balance that would be due using the T1planner. The actual T1 balance is now a few thousand higher. It looks like the T1Planner isn’t incorporating AMT - is this correct or am I missing something?

If so, can you please consider adding AMT into the planner in the near future? I suspect we may have a few more surprises due to this in the coming weeks! I would also suggest adding a note to the worksheet in the meantime to identify the issue - it’s specifically when planning for unusual situations where we’re more likely to run into AMT, and people that have migrated from other software platforms will likely be expecting this to be incorporated.


#2

When we created the T1 planner last summer, we didn’t add support for a Minimum tax calculation to keep it simple and compact. Our full T1 module for next year with the carryforward and plan option would allow for doing more complex scenarios such as those with AMT.
However, we have noted your request to add some means to estimate if AMT would apply and how much it might be.
In the meantime, we are adding a message to the planner to advise accordingly.


#3

Thanks @Allen - appreciate the response, and I’ll let the Partners here know as well.

I tried to get everyone into rolling forward full planning files when we switched from Profile a couple years ago; however, they much prefer the T1planner approach so I didn’t get any traction!

I really appreciate the consideration, as our workflow would certainly benefit from the inclusion of AMT in the planner; however, I understand it’s a very involved calc. The clarification note on the worksheet in the meantime will be great.


#4

You should already be seeing the message at the top of the Planner form. We activated it yesterday and these automatically show up, no need for an update.
This is what you should see:
"The T1Planner worksheet does not include a projection of Alternative Minimum Tax (AMT). We would like to add AMT to this worksheet next year. To plan 2018 AMT amounts, please use the full 2018 TaxCycle T1 module once available. Read this help topic to learn how.


#5

Perfect, thanks again Allen!