[chopete2]

What is the AMT amount you are looking at?

Even for 100,000 options, you have to pay tax on $115,000 i.e $40,250

(28% federal tax, 7% CA state tax)

[pihacker2011]

AMT is in the ballpark of what you shared. I included it in my calculations for the cost to exercise in addition to the options when evaluating if it would be a worthwhile investment or not.